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Arkansas Development Finance Authority 2010 Multi-Family Housing Application Table of Contents Contents Page Instructions for Submitting Applications ...................................................................... i Application Checklist.................................................................................................. iii Applicant Self-Scoring Sheet ..................................................................................... viii I. II. III. IV. V. VI. VII. VIII. IX. X. XI. XII. XIII. XIV. XV. XVI. XVII. XVIII. XIX. XX. XXI. XXII. XXIII. XXIV. XXV. XXVI. XXVII. XXVIII. XXIX. XXX. XXXI. APPLICATION Development Name & Address ....................................................................1 Applicant Information ..................................................................................1 Partnership Information ................................................................................2 Special Housing Needs Set-Aside ................................................................3 Previous Participation of Applicant/Developer/Consultant ..........................3 Development Type .......................................................................................4 Development Information.............................................................................4 Site Information ............................................................................................5 Acquisition of Existing Buildings ................................................................5 Acquisition Information ...............................................................................6 Relocation Information .................................................................................7 Existing Subsidies with Acquisition Developments .....................................7 Energy and Equipment Information .............................................................7 Monthly Utility Allowance Calculations ......................................................8 Minimum Set-Aside Election .......................................................................8 Rental Assistance ..........................................................................................9 Development Tax Credit Rents ....................................................................9 Development Income ....................................................................................9 Annual Expense Information ......................................................................12 Sources of Funds (Grants and Other Funds)...............................................15 Credit Enhancement or Private Placement .................................................15 Notification of Local Official .....................................................................15 Source of Funds (Construction and Permanent) .........................................16 Development Costs .....................................................................................17 Syndication Information .............................................................................19 Non-Profit Determination ...........................................................................20 Development Team Information.................................................................21 Development Timeline ...............................................................................23 Application & Other Fees ...........................................................................24 Signature Page (LIHTC/Bond Applicants) .................................................25 Certification (HOME Developments).........................................................26 REQUIRED FORMS................................................................................................27 INSTRUCTIONS FOR SUBMITTING APPLICATIONS All multi-family housing program applicants must use the following instructions for submitting an Application. All applications must be submitted in the required format. 1. Applicants for a particular program must also follow the rules and regulations for that program. Please see the following program guides for more information and requirements: For all Low-Income Housing Tax Credit (“LIHTC”) Applicants: To review a particular document, click the button. 2010 Housing Credit Program Qualified Allocation Plan ("QAP") LIHTC Compliance Monitoring and Procedure Manual ADFA Approved Market Study Firms List ADFA Market Study Guidelines for Affordable Rental Housing Programs ADFA Approved Capital Needs Assessment Firms List ADFA Multi-Family Housing Minimum Design Standards For all HOME Program Applicants: HOME Program Policy and Operations Manual HOME Compliance Monitoring & Procedure Manual For all Tax-Exempt Bond Applicants: 2009 Guidelines for Reserving Volume Cap for Tax-Exempt Private Activity Bonds for Residential Rental Housing ADFA Rules & Regulations Implementing the Law on the Allocation of the State Volume Cap for Private Activity Bonds 2010 Housing Credit Program Qualified Allocation Plan ("QAP") 2. SUBMIT ONE (1) SIGNED ORIGINAL AND ALL EXHIBITS. • HOME PROGRAM APPLICANTS MUST ALSO SUBMIT ONE (1) COMPLETE COPY OF THE APPLICATION AND ALL EXHIBITS. ALL APPLICATIONS MUST BE SUBMITTED BY THE PROGRAM DEADLINE MAY 19, 2010. APPLYING FOR LIHTC/TAX-EXEMPT BONDS APPLYING FOR HOME FUNDS ONLY Submit Complete Application to: Submit Complete Application to: Multi-Family Housing Department Arkansas Development Finance Authority P.O. Box 8023 Little Rock, Arkansas 72203 HOME Department Arkansas Development Finance Authority P.O. Box 8023 Little Rock, Arkansas 72203 Physical delivery to: 900 W. Capitol, Suite 310 Little Rock, Arkansas 72201 Physical delivery to: 900 W. Capitol, Suite 310 Little Rock, Arkansas 72201 i 3. Also submit the entire APPLICATION electronically as a SAVED (not scanned) ADOBE® file via e-mail to: nrobinson@adfa.state.ar.us 4. Answer all questions. If not applicable to your application, mark N/A. 5. READ THE YELLOW NOTES AND HIGHLIGHTS THROUGHOUT THE APPLICATION. THEY CONTAIN INSTRUCTIONS FOR THE AREA HIGHLIGHTED. 6. Only materials submitted on the standard forms included in the application packets (or copies of the forms) will be accepted for review. Use only forms provided and additional sheets if necessary. 7. REQUIRED FORMAT: Place the original and, if applicable, copy of the application and exhibits in a sufficiently sized 3-ring binder. Do not otherwise bind, staple or use Acco fasteners. Arrange the application as follows: TAB #1 should include the Application Checklist, Self-Scoring Sheet (LIHTC) and complete Application. All other exhibits/forms should be behind the corresponding numbered TAB on the Application Checklist. DO NOT SKIP TAB NUMBERS. If an exhibit does not apply to your application place a sheet of paper with “N/A” behind the TAB. If you have extra exhibits that do not fall under a specific TAB listed in the checklist, attach additional TABs starting with number 51. ADDITIONAL REQUIREMENTS FOR HOME PROGRAM APPLICANTS Standard Form 424 must be submitted with your application to the State Clearinghouse, if you have not done so. If the applicant is not a state agency, a copy of this same information must be submitted to the appropriate area-wide Clearinghouse. The state address is: State Clearinghouse 1515 W. 7th Street 1515 Building, Room 417 Little Rock, AR 72201 IF YOUR APPLICATION DOES NOT COMPLY WITH THE REQUIRED FORMATS, THE APLICATION WILL BE CONSIDERED AS INCOMPLETE AND WILL NOT BE PROCESSED. RETAIN A COPY OF THE FULL APPLICATION AND EXHIBITS/FORMS FOR YOUR FILES. ii APPLICATION CHECKLIST 2010 Multi-Family Housing Application. Submit one (1) original and, if also a HOME applicant, one (1) copy of the following. Place a check by each item included in the application. Put N/A next to each item that does not apply to your application. DO NOT LEAVE ANY ITEM UNMARKED . Tab No. 1. _______ 2. _______ Complete Application (signed and dated), including application checklist and selfscoring sheet (self-scoring applies only to LIHTC applicants) Application Fee: (select one) (Place a copy of the check behind TAB #2) (QAP § XII.A., p. 30) LIHTC: Non-Profit Owner: For Profit Owner with four (4) or less units: For Profit Owner with more than four (4) units: $300.00 $300.00 $500.00 Tax-Exempt Bonds: (2009 Guidelines for Allocating Volume Cap, §VI.A., p. 2) All developments: $500.00 3. _______ Narrative description of the development 4. _______ Financial commitment letter from each funding source 5. _______ Utility allowance calculation 6. _______ Site control information (QAP § VI.B.5., p. 9) Deed Option/Purchase Contract 99-year leasehold Proof of Seller’s ownership of property, if not owned by applicant. Verification of Arm’s Length Transaction Included (QAP § VI.C.1., p. 16) (QAP § VI.B.3., p. 8) (QAP § VI.B.4., p. 9) Rehabilitation Developments requesting acquisition credits must satisfy IRC Section 42(d)(2)(B) by including the following for each building; Purchase Requirement documentation; 10-year hold rule documentation (including both placed in service and most recent nonqualified substantial improvement of the building); If claiming statutory exemption, provide cite, basis for exemption, and all supporting documentation; Related party requirement documentation 7. 8. _______ _______ Zoning Authority (QAP § VI.B.6., p. 10) Planning Commission (if applicable) (QAP § VI.B.5., p. 10) Independent Market Study & Additional Site Maps (QAP § VI.B.7., p. 10) Street map and turn-by-turn from ADFA to exact location of site iii 9. _______ Letter of support from highest elected local official. Letters of support from other sources (QAP § VI.B.8., p. 10) HUD statement of good standing (Public Housing Agencies only) (QAP § III.B.4., p. 2) 10. _______ Letter to Public Housing Authority for use by Persons on Waiting List (QAP § VI.C.2., p. 16) 11. _______ Letter of Participation of each Development Team Member (QAP § VI.C.3., p. 16) Resume of each Development Team Member (QAP § VI.C.3., p. 16) 12. _______ Criminal Background and Disclosure Form – Housing for each Development Team Member (Attachment A) (QAP § VI.C.5., p. 17) 13. _______ Non-Profit Applicants (QAP § VI.B.9., p. 11) Articles of Incorporation – Purpose must include fostering low-income housing IRS Documentation of Exemption from Federal Income Tax Proof of ownership interest in development Statement of non-affiliation nor control by a for-profit organization Statement of material participation Names of Board of Directors Paid staff names and source of annual operating funds Statement of compliance with IRS Revenue Procedure 96-32 14. _______ Plans & Specifications* (QAP §§ VI.B.10., p. 11; VI.C.11., p. 18; VIII.G., p. 25) Building and Unit Designation completed (Attachment E) Architect/Engineer certification that development will comply with ADFA’s “Multi-Family Housing Minimum Design Standards” Architect/Engineer certification of compliance with applicable local, state and national building codes, including federal and state accessibility laws. Architect/Engineer has completed "Multi-Family Housing Minimum Design Standards Checklist" (Attachment G) Additional Requirements for Rehabilitation Developments (if applicable) Architect/Engineer certification of unavoidable nonconformance Architect/Engineer certification of no alternative available Applicant’s statement of implementation of alternative *Only one (1) copy of plans and specifications must be submitted _______ 15. _______ Environmental Documents Signed and Completed Environmental Checklist (QAP § VI.C.6., p. 17) Completed Environmental Assessment (Attachment B) Topographic Map (site should be identified on map) Ten (10) color photos of site Ten (10) photos minimum, exterior, front, rear, sides of building, away from property each direction and development sign for rehabilitation Flood Map (site should be identified on map) 16. _______ Capital Needs Assessment (Rehabilitation Developments Only) Applicant’s statement of implementation iv (QAP § VI.B.11., p. 12) 17. _______ Tenant Income Audit (Rehabilitation Developments Only) (QAP § VI.B.12., p. 13) 18. _______ Pro Forma (Attachment C) 19. _______ Clearance Letters Section 106 Clearance Letter from AR Dept. of Heritage, or proof of application (QAP § VI.C.7., p. 17) Fish and Wildlife Clearance Letter from U.S. Fish and Wildlife Service, or proof of application (QAP § VI.C.7., p. 17) (Attachment D) 20. _______ Appraisal (rehabilitation developments only) 21. _______ HERS Rater Certification of HERS Index Score that development will achieve upon completion Applicant’s statement of implementation 22. _______ Support services by tax-exempt organization (QAP § VII.A.9., p. 22) Signed acknowledgment of Participation by Tax-Exempt Organization Applicant's Statement of Compliance Articles of Incorporation/Charter and By-Laws of Tax-Exempt Organization 23. _______ Applicant statements regarding: Documentary Support as to how development will market to Single Parent/Guardian with Children (QAP § VII.A.2.h., p. 20) Right of First Refusal Contract to be offered for eventual tenant ownership (QAP § VI.B.14., p. 14) (QAP § VI.B.15., p. 14) (QAP § VII.A.2.i., p. 20) Election to limit developer’s and consultant’s fees to 10% or less (QAP §§ VI.B.16., p. 14; VII.A.5., p. 21) Election to serve very low-income households (QAP § VII.A.12., p. 23) Election to extend LIHTC affordability period at least 5 years beyond 30-year extended use period (QAP § VII.A.13., p. 23) 24. _______ Copy of census tract (QAP §§ VII.A.1.b., p. 19) Copy of community revitalization plan (if applicable) (QAP § VII.A.14., p. 23) Copy of National Register of Historic Places (QAP §§ VI.C.10., p. 18; VII.A.4., p. 21) 25. _______ Assisted Living Developments (QAP §§ VI.C.8., p. 18; VIII.D., p. 25) Certificate of Need or Permit of Approval Statement of complete living, sleeping, cooking and sanitation facilities Statement of General Public availability Statement that supportive services are optional by tenant Statement that supportive services do not include continual or frequent services 26. _______ Disclosure Documents: Conflict of Interest Acknowledgement (Attachment F-1) (QAP § VI.C.9., p. 18) Signed and Completed Contract and Grant Disclosure and Certification Form (Attachment F-2) (QAP § VI.C.9., p. 18) 27. _______ Amenities: List of Amenities (QAP § VII.A.7., p. 21) Also indicate on Plans and Specifications Also indicate on Attachment G 28. _______ List of Advanced Energy Efficiency Features (rehabilitation developments only) Also indicate on Attachment G 29. _______ Form 8609 and Land Use Restriction Agreement if this development previously received federal low-income housing tax credits 30. _______ Rental Assistance Contract (if applicable)—must reflect amount of currently approved rents Additional Requirements for Applicants Also Applying for HOME Program Funds: 31. _______ Cover sheet with applicant name 32. _______ Standard Form 424 (Attachment H) 33. _______ Certification Page (signed and dated) 34. _______ Appraisal (Land and Improvements) 35. _______ Copy of Contractor's License 36. _______ Copy of bid proposals or the results of bid proposals (if applicable for multifamily developments) 37. _______ Copy of general contracts, estimates or sworn statements supporting proposed budget 38. _______ Copy of “NOTICE TO BID” advertisement, as applicable 39. _______ Copy of Contractor Agreement, if negotiated 40. _______ Copy of the Affirmative Marketing Plan (Attachment I) 41. _______ Copy of City’s Adopted Fair Housing Ordinance 42. _______ Completed and signed Minority and Women Business Plan (Attachment J) 43. _______ Financial Statements of Development Owner(s) New Applicant-Balance Sheet, Profit and Loss Statement for past two years Prior or Current Applicant-Balance Sheet, Profit/Loss Statement for past year 44. _______ Plan for Section 3 (http://www.access.gpo.gov/nara/cfr/waisidx_02/24cfr135_02.html) 45. _______ Cooperative Agreement, if joint application vi 46. _______ Request for Taxpayer Identification Number and Certification (Form W-9) (Attachment K) 47. _______ Phase I Environmental Site Assessment Will be submitted no later than placed in service or December 6, 2010 (QAP § VI.C.6., p. 17) 48. _______ HOME Program Match Requirements (Attachment M) 49. _______ Application for HOME Assistance – ADFA Form 4000-98 (Attachment N) 50. _______ Homeownership Assistance/Rental Housing Development Set-Up (Attachment O) 51. _______ HOME Unit Breakdown (Attachment P) Start with TAB #52 for attachments not specified above. 52. _______ vii ADFA MULTI-FAMILY HOUSING 2010 LIHTC APPLICANT SELF-SCORING For Low-Income Housing Tax Credit Applicants Only QAP POINTS CRITERIA POINTS #1. Location/USDA/HUD (QAP § VII.A.1., p. 19) (Maximum 15 pts.) 0 #2. Development of Special Needs (QAP § VII.A.2., p. 20) (Maximum 15 pts.) 0 #3. Involves rehabilitation of existing structures (QAP § VII.A.3., p. 20) #4. Involves preservation or rehabilitation of existing affordable housing program or structures listed on National Register of (Maximum 10 pts.) Historic Places (QAP § VII.A.4., p. 21) #5. #6. #7. #8. #9. (10 pts.) Lowering of developer and consultant fees to 10% or less 0 0 (QAP § VII.A.5., p. 21) (5 pts.) 0 A minimum of 20% of the total residential units in the development are market rate units (QAP § VII.A.6., p. 21) (5 pts.) 0 Development provides additional amenities (Maximum 10 pts.) (QAP § VII.A.7., p. 21) Development provides advanced energy efficient features (QAP § VII.A.8., p. 22) Participation of tax-exempt organization (QAP § VII.A.9., p. 22) (Maximum 15 pts.) 0 (5 pts.) 0 (Maximum 10 pts.) #10. Site Visit (QAP § VII.A.10., p. 22) (Maximum 15 pts.) #11. Market Need (QAP § VII.A.11, p. 23) 0 0 0 QAP LEGISLATED PRIORITIES #12. Serves the lowest income group (QAP § VII.A.12., p. 23) (3 pts.) 0 #13. Extends the duration of Low-Income use (QAP § VII.A.13., p. 23) (4 pts.) 0 (3 pts.) 0 (Maximum 125 pts.) 0 #14. QCT/Existing housing and Community Revitalization Plan (QAP § VII.A.14., p. 23) TOTAL POINTS ******************************************************************************* Refer to Points Criteria Section VII.A. of the 2010 Qualified Allocation Plan (QAP) for instructions on submission of scoring and supporting documentation. viii 2010 MULTI-FAMILY HOUSING APPLICATION ARKANSAS DEVELOPMENT FINANCE AUTHORITY 900 W. Capitol, Suite 310 Little Rock, Arkansas 72201 Phone: (501) 682-5900 Fax: (501) 682-5859 Application Date: __________________ Received by:_____________________ Date Stamp: Applicant is applying for: (check only one) _____2010 Low-Income Housing Tax Credits (only) ______HOME Program (only) _____2010 Low-Income Housing Tax Credits & HOME Program Funds _____Tax-Exempt Multi-Family Volume Cap with 4% LIHTC I. DEVELOPMENT NAME & ADDRESS (List name under which development will do business. i.e. XYZ Apartments) Name of Development:_____________________________________________________________________ Address:___________________________________________ County:____________________________ City:______________________________________________ State:________ Zip Code:___________ Census Tract No.:_________________ Is this a Qualified Census Tract: Yes_______ No __________ Is the Development Located in: Metropolitan Statistical Area: Yes_______ No_________ Difficult to Develop Area: Yes_______ No_________ (As defined by the U.S. Department of Housing and Urban Development) U.S. Congressional District: _______ State Senate District: _______ State House District: _______ II. APPLICANT INFORMATION NAME UNDER WHICH APPLICANT DOES BUSINESS. (IF APPLICANT IS THE PARTNERSHIP/OWNER, ALSO COMPLETE PARTNERSHIP INFORMATION IN SECTION “III. PARTNERSHIP INFORMATION” BELOW.) ____ For Profit ____ Non-Profit (Non-Profits must complete Section XXVI.) Name:____________________________________________________________________________________ *Contact Person:___________________________________________________________________________ Address:________________________________________ State:_____________ Zip Code:_______________ City:________________________________ Email Address:______________________________ Phone Number:__________________________ Fax Number:________________________________ *Contact person for all ADFA correspondence and contact regarding this development. 1 Is the Applicant also the Developer? Yes_________ No________ If not, please complete the following information: Developer (If different than the Applicant): Development Company:_____________________________________________________________________ *Contact Person:___________________________________________________________________________ Address:_________________________________________________ City:________________________ State:__________ Zip Code:_______________ Email Address:_____________________________________ Phone Number:__________________________ Fax Number:_______________________________ *Contact person for all ADFA correspondence and contact regarding this development. III. PARTNERSHIP INFORMATION : Partnership or its General Partner(s). ______ For Profit (Please note: ADFA reserves tax credits to the Reservations are non-transferable. Any changes in General Partner Status requires a new application) _______ Non-Profit (Non-Profits must complete Section XXVI.) LIMITED PARTNERSHIP: __________________________________________________________ Federal Tax Identification Number:____________________________________________________ NAME OF GENERAL PARTNER(S) ADDRESS/ PHONE NO. TOTAL NAME OF LIMITED PARTNER(S) ADDRESS/PHONE NO. TOTAL % OF OWNERSHIP 0.00 % % OF OWNERSHIP 0.00 % 2 IV. SPECIAL HOUSING NEEDS SET-ASIDES (LIHTC Applicants only) Applicant must meet Set-Aside Requirements. Please mark all that are applicable. Will a qualified non-profit organization, as defined in IRC § 501(c)(3) or § 501(c)(4), materially participate in the development and operation of the development throughout the compliance period ? ___________ Yes __________ No Is the applicant requesting HOME Program funds for the development or has the applicant received a commitment for funding to the development from Rural Development? ___________ Yes __________ No Will the development be an Assisted Living Development? ___________ Yes __________ No Will the development be developed by or in conjunction with any Public Housing Authority or Section 8 Contract Administrator in good standing with the U.S. Department of Housing and Urban Development? ___________ Yes __________ No Will the development be located within one of the following twelve counties: 1) Arkansas; 2) Benton; 3) Cleburne; 4) Conway; 5) Crittenden; 6) Grant; 7) Lonoke, 8) Mississippi; 9) Phillips; 10) Pulaski; 11) Saline; or 12) Van Buren; Presidentially declared disaster areas as set forth in FEMA Declaration 1785-DR. ___________ Yes __________ No V. PREVIOUS PARTICIPATION OF APPLICANT/DEVELOPER/ CONSULTANT Separately list all previous participation of the applicant, developer, and consultant in any development which received an allocation of federal low-income housing tax credits from ADFA. (Attach separate listing if necessary). **For developments requesting HOME funds, identify the past five years of participation by the applicant, developer, and consultant in HOME program funds developments. NAME OF PARTICIPANT AND DEVELOPMENT LOCATION DATE OF LIHTC RESERVATION AND STATUS OF DEVELOPMENT Click this button to create addtional copies of this page. Complete, save and print the additional copies. 3 VI. DEVELOPMENT TYPE _____ New Construction _____ Acquisition/Rehabilitation VII. DEVELOPMENT INFORMATION 0.00% TOTAL No. of Units:_______ No. of LIHTC Units:________ Percentage of LIHTC Units:___________ 0 Number of units designated for Manager(s)/Employee(s) per IRS REVENUE RULE 92-61: _________ --Included in No. of LIHTC Units: Yes_________ No_________ --Included in No. of Market Rate Units: Yes_________ No________ (If yes, include in TOTAL and LIHTC units numbered above. If no, do not include above.) (If yes, include only in TOTAL units numbered above. If no, do not include above.) Type of Construction: _______Row/Townhouse _______Detached Single Family _______Garden Apartments Elevator Slab on Grade Full Basement Crawl Space Yes_________ Yes_________ Yes_________ Yes_________ No_________ No_________ No_________ No_________ Total No. of Buildings:___________ Total No. of Stories:________________ Total No. of Parking Spaces:________ Total No. of Handicap Parking Spaces:_____________ Total Gross Floor Area for all Buildings:___________________________________ (Sq. Feet) Total Residential Floor Area:_____________ Total LIHTC Residential Floor Area: _____________ (Sq. Feet) (Sq. Feet) Recreation Facilities/Common Space (list): _________________________________________________ Commercial Facilities (list):______________________________________________________________ Type of Units: _______Multi-Family Housing 55 _______Senior Housing _______Assisted Living 62 Other ________Special Needs/Supportive Services ________Single Room Occupancy ________Other: ____________________________ Targeting of Units: (If proposed development is elderly it must be housing for older persons as defined at 42 USC § 3607(b)(2) and Ark. Code Ann. § 16-123-307(d)(1).) Senior - No. of Units: ________ Handicapped - No. of Units: ________ Family - No. of Units (3 & 4 bedrooms): ________ Other:_________________ No of Units: ________ (For HOME Applicants) Number of Units that are 504 accessible: ____________ 4 UNIT SIZE BREAKDOWN (Include Manager/Employee Unit(s) within applicable Bedroom Size) NO. OF UNITS NET Square Footage Average Square of smallest of Footage of same same bedroom bedroom size size units units Efficiency ____Bedroom(s) AVERAGE COST PER SQ. FT. $________________ AVERAGE COST PER UNIT ____Bedroom(s) $_______________ ____Bedroom(s) ____Bedroom(s) PER UNIT COST CAP AVERAGE TOTAL UNITS $_______________ 0 0 (Including Manager/Employee Unit(s)) VIII. SITE INFORMATION (Site Control Documentation must be submitted at TAB #6) Is site currently under control for the development? Yes_______ If yes, control is in the form of: ______Deed ______Purchase Contract ______Option ______Other: Expiration Date of Contract or Option: _______________ (Month/Year) Has an appraisal been completed on the property? Yes_______ Appraised Value of the Land and Improvements: $ Total Cost of Land: $ _____________ No________ No________ Exact Area of Site: ___________ (acres) Name of Seller: ________________________________________________________________ Address: _____________________________________________________________________ Phone: City:________________________ State & Zip: Is site properly zoned for your development? Yes_______ (Proper zoning documentation must be submitted at TAB #7.) No________ Are all utilities presently available to the site? Yes_______ No________ If no, which utilities need to be brought to the site? ______Electric ______Water ______Phone ______Sewer ______Gas ______Other:_____________________ IX. ACQUISITION OF EXISTING BUILDINGS (Complete for all rehabilitation developments) How many buildings will be acquired for the development? Are all the buildings currently under control for the development? If no, how many buildings are under control for the development? ____________________ Yes_______ No_______ ____________________ When will the rest of the buildings be under control for acquisition? _________________________ (Month / Year) 5 LIST BUILDINGS UNDER CONTROL ADDRESS(ES) OF BUILDINGS TYPE OF CONTROL OWNERSHIP, OPTION, PURCHASE CONTRACT EXPIRATION DATE OF CONTROL DOCUMENT ACQUISITION COST OF BUILDING NO. OF UNITS 1. 2. 3. 4. 5. 6. (Attach Needed Additional Pages) X. ACQUISITION INFORMATION Building(s) acquired or to be acquired from: _____Related Party _____Unrelated Party Building(s) acquired or to be acquired with Buyer's Basis _____Determined with reference to Seller's Basis _____Not Determined with reference to Seller's Basis List below the building address; previously assigned BIN, if applicable; first year of prior compliance period, if applicable; date the building was placed in service by previous owner; date of planned acquisition by the applicant; and the number of years between date the building was last placed in service and the date of acquisition or most recent nonqualified substantial improvement. See 26 USC 42(d)(2). ADDRESS AND BIN OF BUILDINGS PRIOR LIHTC ALLOCATION *YES* OR NO FIRST YEAR OF PRIOR COMPLIANCE PERIOD AS INDICATED ON IRS FORM 8609 PLACED-INSERVICE DATE (PIS) BY THE PREVIOUS OWNER DATE OF ACQUISITION BY THE APPLICANT NUMBER OF YEARS BETWEEN, ACQUISITION AND PREVIOUS PIS OR MOST RECENT NONQUALIFIED SUBSTANTIAL IMPROVEMENT 1. 2. 3. 4. 5. 6. (Attach Needed Additional Pages) *If YES*, attach a copy of IRS Form 8609 filed the first tax credit year with the IRS and “LAND USE RESTRICTION AGREEMENT” previously recorded on any building that is a part of the development at TAB #29. Click this button to create addtional copies of this page. Complete, save as a separate file, and print the additional copies. 6 XI. RELOCATION INFORMATION Are the units currently occupied by tenants? Yes________ No_______ Does this development involve any relocation of tenants within the development? Yes________ No_______ Does this development involve any relocation of tenants outside the development? Yes________ No_______ If yes, please describe the proposed relocation assistance, if any. A COMPLETE TENANT AUDIT IS REQUIRED FOR ALL REHAB DEVELOPMENTS – ATTACH AT TAB #17. XII. EXISTING SUBSIDIES WITH ACQUISITION DEVELOPMENTS _______ _______ _______ _______ Section 221(d)(3) BMIR Section 521 Rental Assistance Section 236 Section 8 Project Based Rental Assistance Is HUD Approval for Transfer of Physical Asset Required? Yes_______ No________ XIII. ENERGY AND EQUIPMENT INFORMATION ENERGY EQUIPMENT TYPE SYSTEM (FORCED AIR, HOT WATER, ETC.) EFFICIENCY RATING Heating Air Conditioner Domestic Hot Water Equipment that must be included with Unit (Low-Income Units) _____ Range ______ Central Heat _____ Refrigerator _____Central Air (Also see ADFA Multi-Family Housing Minimum Design Standards) _____ Laundry Facility _____ Kitchen Exhaust _____Window Treatments Equipment that must be included with Unit (Market Rate Units) _____ Range ______ Central Heat _____ Refrigerator _____Central Air _____ Laundry Facility _____ Kitchen Exhaust _____Window Treatments 7 XIV. MONTHLY UTILITY ALLOWANCE CALCULATIONS UTILITIES Type of Utility (Gas, Electric) Utilities Paid By (Tenant or Owner) Utility Allowance/Month Eff 1BR 2BR 3BR 4BR 5BR 0 0 0 0 0 0 Cooking Heating Hot Water Electric Lighting Air Conditioning Water Sewer Trash Other Total TENANT paid utility allowance Source of Utility Allowance Calculation (Documentation must be included at TAB #5) __ Public Housing Authority (PHA) __ Housing & Urban Development (HUD) __ Utility Company __ Rural Development (USDA RD) XV. MINIMUM SET-ASIDE ELECTION The Owner irrevocably elects on the Minimum Set-Aside Requirements (Check only one) ____ At least 20% of the rental residential units in this development are rent-restricted and to be occupied by individuals whose income is 50% or less of area median income. ____ At least 40% of the rental residential units in this development are rent-restricted and to be occupied by individuals whose income is 60% or less of area median income. ____ Deep Rent skewing as referred to in Section 42(g)(4) and defined at Section 142(d)(4)(B) of the Internal Revenue Code. HOME APPLICANTS ONLY COMPLETE THE FOLLOWING: Low-Income Affordability and Rent Control Period (check one) _____ _____ _____ _____ _____ _____ 5 Years HOME Assistance/Unit $40,000/unit 20 Years New Construction __ Years FHA Insured __ Years (Other) 8 XVI. RENTAL ASSISTANCE: Are any low-income units receiving or will receive Rental Assistance? Yes_______ No_______ If yes, identify the type of Rental Assistance: No. of units receiving Assistance: ________ Rental Assistance Contract Expires: ___________ A copy of the Rental Assistance Contract must be submitted at TAB #30. XVII. DEVELOPMENT TAX CREDIT RENTS: List the maximum applicable affordable housing tax credit rents for the development location: 0-BDR. 1-BDR. 2-BDR. 3-BDR. 4-BDR 30% of Area Median Income 50% of Area Median Income 60% of Area Median Income Development Affordability: Describe the procedures that will be used to ensure that the units remain affordable and occupied by low-income households for at least the required term of LIHTC or HOME Program Affordability. XVIII. DEVELOPMENT INCOME Tax Credit Units Not Supported by HOME Funds Total Number of Tax Credit Units: ____________ (D O NOT INCLUDE HOME ASSISTED UNITS – USE PAGE 11 FOR HOME ASSISTED UNITS) # of Bedrooms # of Units % Area Median Income (30/50/60) Proposed Monthly Net Rent Per Unit Monthly Utility Allowance Monthly Gross Rent Per Unit Total Monthly Income By Unit Type $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Monthly Rental Income $0 Total Annual Rental Income $0 Click this button to create addtional copies of this page. Complete, save as a separate file, and print the additional copies. 9 Units Receiving Project Based Rental Assistance: Separately indicate those units receiving project based rental assistance. Market Rate Units Only # of Bedrooms Total Number of Market Rate Units: _____________ # of Units Proposed Monthly Rent Total Monthly Rent By Unit Type $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Monthly Rental Income $0 Total Annual Rental Income $0 10 HOME Assisted Units (Fill out Low HOME Rents and High HOME Rents Sections) Low HOME Rents: Low HOME Rents - at least 20% of the rental units assisted with HOME funds must have rents no greater than the established Low HOME Rents. These are very low-income families. Low HOME Rents are defined as rents that are not greater than 30% of the adjusted gross income of a family whose income is 50% of the median income for the area (AMI), adjusted for unit size. The Proposed Rents plus the HUD Utility Allowance for the unit cannot be greater than these rent limits for each bedroom size. HUD maximum income limits can be found at ADFA's website: http://www.arkansas.gov/adfa/HOME%2008/2008%20HOME%20Program%20Income%20and%20Rent%20Limits.pdf. HUD maximum LOW HOME and HIGH HOME rents can be found at ADFA's website: http://www.arkansas.gov/adfa/HOME%2008/2008%20HOME%20Rent%20Limits.pdf # of Bedrooms # of Units % Area Median Income (30/50) Proposed Monthly Net Rent Per Unit Utility Allowance Proposed Monthly Gross Rent Per Unit (cannot exceed HUD Maximum LOW HOME rent) Maximum LOW HOME Rent Total Monthly Income By Unit Type $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Separately indicate those units receiving project Units Receiving Project Based Rental Assistance: based rental assistance which increases rents beyond HOME/LIHTC limits. Total Monthly Rental Income $0 Total Annual Rental Income $0 High HOME Rents: High HOME Rents - up to 80% of HOME-assisted rental units may have High HOME Rents. Higher HOME rents are defined as units with rents the lesser of (1) the existing Section 8 Fair Market Rents (FMR) or (2) 30% of the annual gross income of a family whose income equals 65% of the median income for the area, adjusted for unit size. Refer to the Rent Limits for your area provided in the website listed above and compare the FMR number and the 65% figure. Write the lower of these two numbers in the last column above for each bedroom size. Your Proposed Rent plus the Utility Allowance for the unit cannot be greater than this rent limit for each bedroom size. # of Bedrooms # of units Proposed Monthly Net Rent Per Unit Utility Allowance Proposed Monthly Gross Rent Per Unit (cannot exceed HUD Maximum HIGH rent) Maximum HIGH HOME Rent Total Monthly Income By Unit Type $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Monthly Rental Income $0 Total Annual Rental Income $0 11 ALL APPLICANTS COMPLETE THE FOLLOWING SECTION: Total Annual Gross Rent Income: Tax Credit Rent Annual Gross Income $0 Fair Market Rent Annual Gross Income Low HOME Rent Annual Gross Income High HOME Rent Annual Gross Income Additional Rent Annual Gross Income (From Additional Pages 9 - 11, if any) $0 $0 $0 TOTAL RENTAL INCOME $0 XIX. ANNUAL EXPENSE INFORMATION Annual Expenses (Complete this section listing the annual operating expenses for all the units). Annual Development Income 1. Annual Gross Rental Income $0 2. Vacancy Factor of 3. Annual Effective Gross Residential Income (1 - 2) 4. Annual Laundry Income $0 $0 5. Annual Vending Income $0 6. Annual Late Fees $0 7. Annual Interest Income $0 8. Annual Non-refundable Pet Fee $0 9. Interest Income-reserve $0 10. Lease Cancellation Fee $0 11. Deposit Forfeitures $0 12. Application Fee Income $0 13. Annual Other Income $0 14. Annual Effective Other Income (4 + 5 + 6 + 7 + 8 + 9 + 10 + 11+12+13) $0 Total Annual Effective Income (3+14) $0 Operating Expense Budget - Yearly Estimate 1. General and Administrative Advertising & Marketing Management Fee $0 __________ __________ $0 0.00% Percent of Effective Gross Residential Income ____ Administrative Legal Accounting Office Supplies Credit Investigations Leasing Fees Other TOTAL ADMINISTRATIVE COSTS $0 __________ $0 __________ $0 __________ $0 __________ $0 __________ $0 __________ $0 __________ $0 __________ 12 2. Payroll Related Administrative Payroll Maintenance Payroll Workman s Compensation Health Insurance Payroll Taxes Other Fringe benefits TOTAL PAYROLL __________ $0 __________ $0 __________ $0 __________ $0 __________ $0 __________ $0 __________ 3. Maintenance Decorating Pool Exterminating Repairs Security Ground Expenses Building Supplies Other TOTAL MAINTENANCE COSTS $0 __________ $0 __________ $0 __________ $0 __________ $0 __________ $0 __________ $0 __________ $0 __________ $0 __________ 4. Operating Fuel (heating and hot water) Lighting & Misc. Power Water/Sewer Trash Removal Janitorial Telephone Other TOTAL OPERATING COSTS $0 __________ $0 __________ $0 __________ $0 __________ $0 __________ $0 __________ $0 __________ $0 __________ 5. Taxes and Insurance Real Estate Taxes Insurance Other Taxes, Licenses, Fees TOTAL TAXES AND INSURANCE __________ $0 __________ $0 __________ $0 __________ 6. TOTAL Annual Expenses: $0 $0 $0 $0 Total __________ Per Unit ________ $0 Note: Replacement Reserves cannot be less than: 7. Replacement Reserves _____________* 8. Net Operating Income (NOI) _____________ $0 $0 $0 9. 1st Mortgage Debt Service: (Source)_____________ _____________ $0 10. 2nd Mortgage Debt Service: (HOME Funds) _____________ 11. Other Debt Service: (Source)__________________ _____________ 12. Other Debt Service: (Source)__________________ _____________ 13. Total Debt Service _____________ If HOME Loan annual payment deferred until 4th year, enter $0.00. Otherwise, enter the HOME Loan annual payment. $0 $0 $0 13 14. Cash Flow $0 $_____________ 15. Total HOME Loan Amount $_____________ 16. Owner Equity $0 $_____________ $0 Ratios Debt Coverage Ratio (DCR) (cannot be less than 1.10) Fourth year DCR as indicated on Pro Forma when HOME Loan Deferred _______________ _______________ HOME Loan to Value Ratio _______________% Formulas Net Operating Income (Item 8 above) divided by Total Debt Service (Item 13 above) = Debt Coverage Ratio (DCR) When HOME Loan Deferred to Fourth year, DCR cannot be less than 1.10 HOME Loan percent of development appraised value = HOME Loan to Value Ratio Operating Reserves Note: Operating Reserves cannot be less than: $0 $__________________________________* (No less than 4 months of the sum of: (a) projected annual operating expenses, (b) annual debt service payments and (c) annual replacement reserve deposits) * ________________________________________________________ ________________________________________________________ ________________________________________________________ (Name and Address of Financial Institution Where Held) Annual Expense/Income Information Verification _____________________________________________________________________ CERTIFIED CORRECT (Applicant or Authorized Representative) DATE ______________________________________________________________________________________________________ ADFA APPROVAL (ADFA Approval Official) DATE ________ Check if all commitment letters are enclosed from lending/financing sources All Applicants must complete the Pro Forma, Attachment C, and attach at TAB #18. 14 XX. SOURCE OF FUNDS (GRANTS AND OTHER FUNDS) Is any portion of the source of funds for the development financed directly or indirectly with federal, state or local government funds? Yes______ No________ If yes, then check the type and list the amount. _____Tax-Exempt Bond Estimated Net Proceeds $ ___________ ______ HOME Funds Match (see below) $____________ _____CDBG Financing $ ___________ _____ CDBG Grant $ ____________ _____ Federal Home Loan Bank* $ ___________ _____ UDAG Grant/ Financing $ ____________ _____ HODAG Financing $ ___________ _____ HODAG Grant $ ____________ _____ USDA 515 Financing $ ___________ _____ State Grant $ ____________ _____ Rental Rehabilitation Grant Funding $ ___________ _____ Local Grant $ ____________ _____ HOME Funds $ ___________ _____ Other *Not a federal subsidy if from Affordable Housing Program $ ____________ Each applicant for HOME funds will be required to meet a 12.5% non-federal matching requirement. Applicants must structure their proposals based on the 12.5% matching requirement and submit Attachment M, which is an itemization of all proposed match requirements and include in TAB #48. XXI. CREDIT ENHANCEMENT OR PRIVATE PLACEMENT (For Tax-Exempt Bond Applicants Only) Principal Amount of Bonds Requested for Reservation $ _________________________________ Will the permanent financing have any type of credit enhancement? Yes_________ No_________ If yes, list type of enhancement(s): _____________________________________________________ If not, attach an Investor Letter from the Qualified Investor as defined in IX(F) of the 2009 Guidelines for Allocating Tax-Exempt Multi-Family Private Activity Volume Cap. If Tax-Exempt financing is used, list the percentage of the tax-exempt financing to the total cost of development: ___________% XXII. NOTIFICATION OF LOCAL OFFICIAL (Provide a letter from the highest elected official in which the development shall be located stating that he or she approves of the development and include in TAB #9.) Name of Jurisdiction: ___________________________________________________________ Name of Highest Elected Official: _________________________________________________ Title: ________________________________________________________________________ Address: ______________________________________________________________________ City, State & Zip: ______________________________________________________________ Telephone: (______) ____________________________________________________________ 15 XXIII. SOURCE OF FUNDS (CONSTRUCTION AND PERMANENT FINANCING Construction Financing Information: SOURCE OF FUNDS, CONTACT PERSON ANDTELEPHONE NUMBER AMOUNT OF FUNDS 1. $ 2. $ 3. $ 4. $ TOTAL SOURCE OF FUNDS FOR CONSTRUCTION $0 $ Permanent Financing Information: NAME OF LENDER OR SOURCE, CONTACT PERSON AND TELEPHONE NUMBER AMOUNT OF FUNDS INTEREST RATE AMORT. PERIOD (MONTHS) LOAN TERM (MONTHS) ANNUAL DEBT SERVICE First Mortgage % HOME (Second Mortgage) % Third Mortgage % Proceeds from Federal Low-Income Housing Tax Credits Proceeds from State Low-Income Housing Tax Credits Proceeds from Historic Tax Credits Deferred Developer Fee % Other (Describe) % Totals $0 $0 Attach copies of financing commitment letters or letters of interest from EACH FUNDING SOURCE listed above at TAB #4. 16 XXIV. DEVELOPMENT COSTS Eligible Basis by Building Type COSTS*** SUPPORTED BY HOME FUNDS ITEMIZED COST OTHER COSTS To Purchase Land & Buildings Purchase of Land Purchase of Existing Structures Other: Other: Site Work Site Work On-Site Infrastructure Improvement Off-Site Infrastructure Improvement Demolition Other: Rehabilitation & New Construction New Building Rehabilitation Accessory Building General Requirements 0.00% ≤ 7% Contractor Overhead 0.00% ≤ 4% 0.00% ≤ 10% Contractor Profit Other: Other: Contingency Construction Contingency Soft Costs Contingency Other: Architectural, Engineering & Legal Fees Architect Fee – Design Architect Fee – Supervision Engineering Fees Attorney Fees Other Fees: Other Fees: Other Fees: Other Fees: Other Fees: Interim Costs Construction Insurance Construction Interest Construction Loan Origin. Fee Construction Loan Credit Enhancement Real Estate Taxes Other: Financing Fees and Expenses Bond Premium Credit Report Permanent Loan Origin. Fee Permanent Loan Credit Enhancement Cost of Issue/Underwriters Discount Title and Recording Bond Counsel's Fee Other: Other: Other: Subtotal EXISTING BUILDINGS ELIGIBLE BASIS 4% LIHTC TOTAL ACTUAL COST NEW BUILDINGS ELIGIBLE BASIS 4% or 9% LIHTC 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 *** Break out HOME Fund assistance from Total Actual Cost. 17 Eligible Basis by Building Type COSTS*** SUPPORTED BY HOME FUNDS ITEMIZED COST Soft Costs Property Appraisal Market Study Environmental Report Tax Credit Fees Compliance/Monitoring Fee Lease-Up Expense & Marketing Other: Other: Syndication Costs Organizational (Partnership) Bridge Loan Fees & Expenses Tax Opinion Other: Other: Developer and Consultant Fees Developer's Fee: Developer’s Overhead: Consultant’s Fee: Other: Other: Development Reserves Replacement Reserve Operating/Lease-up Reserve Other Reserve: Other Reserve: OTHER COSTS EXISTING BUILDINGS ELIGIBLE BASIS 4% LIHTC TOTAL ACTUAL COST NEW BUILDINGS ELIGIBLE BASIS 4% or 9% LIHTC 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00% Total Fees = New Construction Cannot Exceed: $0 $0 Acquisition/Rehabilitation Cannot Exceed: $0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Subtotal Subtotal from previous page 0 0 0 Total $0 Less portion of federal grant used to finance qualifying development cost. List grants______________ Less amount of non-qualified nonrecourse financing Less amount of non-qualified units of higher quality Less non-qualifying excess portion of higher quality units Less Historic Tax Credit (Residential Portion Only) Net Eligible Basis 0.00 0.00 30% Adjustment for high cost area (QCTs and DDAs) $0 $0 Total Eligible Basis $0 $0 Multiplied by the Applicable Fraction 0.0000 0.0000 Total Qualified Basis $0 $0 Multiplied by Applicable Percentage ANNUAL FEDERAL TAX CREDITS REQUESTED TOTAL ANNUAL FEDERAL TAX CREDITS REQUESTED STATE TAX CREDITS REQUESTED (20% OF FEDERAL) 0.00% 0.00% $0 $0 $0 $600,000 Select 0.20 from the pull down menu if requesting State Tax Credits. 0.00 This amount is the lesser of the total amount of federal credits requested or applicable development credit cap. $0 $0 18 PLEASE NOTE: The actual amount of credit for the development is determined by the Housing Credit Agency. If the development is eligible for Historic Tax Credit, include a complete breakdown of the determination of eligible basis for the Historic Credit with the application. (For HOME Applicants) Submit the following to support this proposed budget: copies of general contracts, estimates or sworn statements at TAB #37. *When used for new construction, HOME funds may be used to fund an initial operating deficit reserve, which is a reserve to meet any shortfall in development income during the period of development rent-up (not to exceed 18 months) and which may only be used to pay operating expenses, reserve for replacement payments and debt service. Any HOME funds placed in an operating deficit reserve that remain unexpended when the reserve terminates must be returned to the Authority. XXV. SYNDICATION INFORMATION (Provide information below concerning syndication and estimated proceeds from sale of Housing Credits and State Housing Credits if utilizing as source of funds) Annual allocation amounts for: Federal Low-Income Housing Credits State Low-Income Housing Credits Historic Rehabilitation Tax Credits $____________________ $____________________ $ ____________________ Total Tax Credit Equity expected to be raised: Type of Offering: _____Public _____Private $ Type of Investor: _____Individuals _____Corporations Name of Tax Credit Fund:________________________________________________________ Equity/Syndicator Entity: Name: Contact: Address: City, State, Zip Code: Phone/Fax #: / Describe when equity will be paid into the development (i.e. at time of what events) and how much will be paid in at each event: AMOUNT OF TAX CREDIT EQUITY PAID TO THE DEVELOPMENT EVENT $ $ $ $ 19 XXVI. NON-PROFIT DETERMINATION Articles of Incorporation and IRS documentation of status must be attached with Application at Tab #13. Pursuant to Section 42(h)(5) of the Internal Review Code, the non-profit organization involved in the development must: (1) own an interest in the development; (2) must materially participate in the development and operation of the development throughout the compliance period; and (3) not be affiliated with or controlled by a for-profit organization. Within the meaning of IRC 469(h), "a (nonprofit) shall be treated as materially participating in an activity only if the (nonprofit) is involved in the operations of the activity on a basis which is regular, continuous, and substantial." ___ 501(c)(3) Organization ___ 501(c)(4) Organization ___ Exempt purposes, as stated in Articles of Incorporation, include fostering of Low-Income Housing ___ Exempt from tax under Section 501(a) ___ Complies with IRS Revenue Procedure 96-32 (1) Identify the ownership interest in the development by the non-profit organization involved: (2) Submit at TAB #13, an original, signed statement from an authorized official of the non-profit organization stating that the non-profit organization is not affiliated with or controlled by a for-profit organization. (3) Submit at TAB #13, an original, signed statement from an authorized official of the non-profit organization that details the non-profit organization’s participation in the development and operation of the development, how that participation will be “regular, continuous, and substantial” and how it will be maintained throughout the compliance period. (4) Submit at TAB #13, a list the names of Board Members for the non-profit organization. (5) Submit at TAB #13, a list of all paid, full time staff and sources of funds for annual operating expenses and current programs. (HOME APPLICANTS COMPLETE THE FOLLOWING) Federal Labor Standards (Davis-Bacon): If the development to be constructed/rehabilitated contains 12 or more HOME assisted units, the federal labor standards provisions regarding the payment of prevailing wage rates as determined by the Department of Labor apply. Contractor Licensing: Must have contractor licensed by State for developments over twenty thousand dollars ($20,000). (Copy of License must be included at TAB #35) Does the general contractor have experience? Yes _______ No _______ Special Needs Populations: Identify any development features designed to serve populations with special housing needs, including persons with disabilities, the elderly or large families (units with 3 or more bedrooms). This could include design features, occupancy preferences, etc. Building and Energy Standards: Describe the construction and energy standards that will be used for the development. Upon completion, all units must meet Section 8 Housing Quality Standards or local codes, if applicable. Development costs greater than $25,000/unit must meet all local codes, rehabilitation standards, zoning ordinances, and the Cost Effective Energy Standards (24 CFR Part 39). New construction developments must meet all local codes, building standards, zoning ordinances, and the Model Energy Code published by the Council of American Building Officials and the State Energy Code. 20 XXVII. DEVELOPMENT TEAM INFORMATION At Tab # 11, each development team member must submit a cover letter describing its participation in the development along with a copy of its resume listing qualifications, experience, previous experience with the low-income housing tax credit program, address and telephone number. The development team member with the requisite minimum experience must identify the development and describe its role in achieving the minimum experience. In addition, the applicant, consultant, and each development member must separately complete and execute Attachment A, the “Criminal Background and Disclosure Form – Housing”, and submit at Tab #12. For HOME Applicants: The Owner’s financial statements, including income statements and balance sheets, must be provided. DEVELOPER:___________________________________________________________________________ *Contact Person:_______________________________________________________________________ Address:________________________________ City:___________________________________ State:__________ Zip Code:_______________ Email Address:_________________________________ Phone Number:__________________________ Fax Number:____________________________ CONSULTANT:__________________________________________________________________________ *Contact Person:_______________________________________________________________________ Address:________________________________ City:___________________________________ State:__________ Zip Code:_______________ Email Address:_________________________________ Phone Number:__________________________ Fax Number:____________________________ ARCHITECT:___________________________________________________________________________ *Contact Person:_______________________________________________________________________ Address:________________________________ City:___________________________________ State:__________ Zip Code:_______________ Email Address:_________________________________ Phone Number:__________________________ Fax Number:____________________________ CONTRACTOR:_________________________________________________________________________ *Contact Person:_______________________________________________________________________ Address:________________________________ City:___________________________________ State:__________ Zip Code:_______________ Email Address:_________________________________ Phone Number:__________________________ Fax Number:____________________________ 21 MANAGEMENT COMPANY:________________________________________________________________ *Contact Person:_______________________________________________________________________ Address:________________________________ City:___________________________________ State:__________ Zip Code:_______________ Email Address:_________________________________ Phone Number:__________________________ Fax Number:____________________________ TAX ATTORNEY:________________________________________________________________________ *Contact Person:_______________________________________________________________________ Address:________________________________ City:___________________________________ State:__________ Zip Code:_______________ Email Address:_________________________________ Phone Number:__________________________ Fax Number:____________________________ BOND ATTORNEY:______________________________________________________________________ *Contact Person:_______________________________________________________________________ Address:________________________________ City:___________________________________ State:__________ Zip Code:_______________ Email Address:_________________________________ Phone Number:__________________________ Fax Number:____________________________ ACCOUNTING/CPA CONSULTANT:_________________________________________________________ *Contact Person:_______________________________________________________________________ Address:________________________________ City:___________________________________ State:__________ Zip Code:_______________ Email Address:_________________________________ Phone Number:__________________________ Fax Number:____________________________ ENERGY CONSULTANT/AUDIT FIRM: _______________________________________________________ *Contact Person:_______________________________________________________________________ Address:________________________________ City:___________________________________ State:__________ Zip Code:_______________ Email Address:_________________________________ Phone Number:__________________________ Fax Number:____________________________ 22 APPLICATION PREPARER:________________________________________________________________ *Contact Person:_______________________________________________________________________ Address:________________________________ City:___________________________________ State:__________ Zip Code:_______________ Email Address:_________________________________ Phone Number:__________________________ Fax Number:____________________________ *Contact person for all ADFA correspondence and contact regarding this development. Please list any direct or indirect, financial or other interest a member of the development team may have with another member of the development team. List "NONE" if there are no identity of interest. ______________________________________________________________________________________ ______________________________________________________________________________________ ______________________________________________________________________________________ ______________________________________________________________________________________ ______________________________________________________________________________________ ______________________________________________________________________________________ XXVIII. DEVELOPMENT TIMELINE Fill in completion or anticipated completion dates for all development tasks listed. Make sure the dates are realistic. Task SITE/DEVELOPMENT START UP Option/Contract Site Acquisition Zoning Approval Plans and Bid Specs Site Analysis Initial Closing (HOME Applicants) Closing and Transfer of Property FINANCING Construction Loan Loan Application Conditional Commitment Firm Commitment Permanent Loan Loan Application Conditional Commitment Firm Commitment Other Loans and Grants (Type/Source) Application Award Completion Date 23 CONSTRUCTION/IMPLEMENTATION Construction Contract Awarded Pre-Construction Conference Construction starts Stage 1 completed Stage 2 completed Stage 3 completed Marketing Begins Construction Completed Occupancy/Rent-up Begins Full Occupancy Obtained Tax Credit Placed in Service Date EXPENDITURE OF FUNDS 25% 50% 75% 100% XXIX. APPLICATION & OTHER FEES Regardless of the funding decisions, the application fees are non-refundable. The Application fee must be included with the Application at Tab # 2. Make all checks payable to: ARKANSAS DEVELOPMENT FINANCE AUTHORITY LIHTC Applicants Only: ________ Developments, four (4) units or less ________ Non-Profit Sponsor [more than four(4) units] ________ For Profit Owner [more than four (4) units] $300.00 $300.00 $500.00 Reservation Fee: A Reservation Fee equal to $100.00 per low-income housing tax credit unit will be required at time of reservation. Allocation Fee An Allocation Fee equal to $100.00 per low-income housing tax credit unit will be required at time of the allocation of credits. Monitoring Fee A one-time fee of eight percent (8%) of the actual total annual allocation of low-income housing tax credits will be required prior to the issuance of IRS Forms 8609. Overpayments will not be refunded. Tax-Exempt Multi-Family Volume Cap _________ All Developments $500.00 See additional fees outlined in the 2009 Guidelines for Reserving Volume Cap for Tax-Exempt Private Activity Bonds for Residential Rental Housing 24 XXXI. SIGNATURE PAGE LIHTC/Tax Exempt Bond Applicants The undersigned, hereinafter referred to as “Applicant,” is responsible for ensuring that the development represented in this Application is or will be a qualified low-income housing project as defined in Section 42 of the Internal Revenue Code and will comply with all applicable requirements of Section 42 of the Internal Revenue Code, all amendments thereto, all regulations promulgated thereunder, and all guidance published by the Internal Revenue Service, United States Department of Treasury and Department of Housing and Urban Development in the acquisition, rehabilitation, construction and operation of the Development. Applicant is responsible for the accuracy of all representations made to Arkansas Development Finance Authority (“ADFA”), the Internal Revenue Service (“IRS”), the United States Department of Treasury (“Treasury”), and the Department of Housing and Urban Development (“HUD”). Applicant agrees to accept only the amount of federal low-income housing tax credits to which Applicant is legally entitled under the facts and circumstances represented by Applicant. ADFA has neither responsibility nor liability for determining Applicant’s eligibility for, or extent of eligibility for, claiming any federal or state low-income housing tax credit against tax liability in any year. Applicant acknowledges that, although ADFA is Arkansas’s allocating agency for federal low-income housing tax credits, ADFA is not Applicant’s legal counsel or tax advisor and has no fiduciary duty to the Applicant. Applicant certifies that in its preparation of this Application and planning of the Development represented herein, Applicant has not relied on any representation(s) made by ADFA or its agents except as set forth in ADFA’s Qualified Allocation Plan, as amended. Applicant warrants that the Development will be constructed in accordance with the representations contained in the application submitted for the Development, all Exhibits and Attachments to such Application. “Exhibits and Attachments” include but are not limited to the submitted Plans and Specifications and Attachment G. Any variance from such representations must be agreed to, in writing, prior to such variance, by ADFA. Applicant acknowledges that the Development must comply with the applicable Qualified Allocation Plan (“QAP”). Applicant warrants that the Development will be acquired, rehabilitated, constructed and operated in accordance with such QAP and all related guidance published by ADFA. Applicant hereby certifies that it will place the Development in service in accordance with all applicable Section 42 requirements. Applicant hereby makes application to ADFA for one or more of the following, as set forth in the Application: federal lowincome housing tax credits and/or tax credits with HOME Program funds. Applicant certifies that it has experience in and knowledge of all federal and state requirements of the programs for which it is applying herein. Applicant certifies that in addition to experience and knowledge of all applicable requirements under the stated programs, Applicant has the capacity to acquire, rehabilitate, construct, operate and maintain the Development in compliance with all applicable program requirements for the required affordability period. Applicant certifies that it will comply with all requirements set forth by Section 42 of the Internal Revenue Code, all Treasury notices and publications, regulations, all HUD notices and publications and all requirements set forth by ADFA. Applicant understands and agrees that Applicant has exclusive responsibility for compliance with all applicable program requirements whether or not specifically set forth in writing by ADFA. Applicant understands and agrees that, if awarded, the Development will be monitored by ADFA and noncompliance will be reported to all appropriate agencies, whether or not the requirement(s) for which the Development is found to be out of compliance were specifically set forth in writing by ADFA. Applicant accepts sole responsibility and liability for understanding and ensuring the Development’s compliance with all program re