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201047535
<br />EXHIBIT B
<br />USE O� SECTION 1602 FUNDS
<br />BUDGET \ MOR7GAG� INFORMATION
<br />(complete yellow-shaded areas)
<br />Estlmated Tota) 4°/, LIHTC Eligible 9°h LIH7C Ellgibla Use of Section 1602
<br />Developmant Costs Basia 8asla Funds
<br />Land $ 39Q,Qp0
<br />Existing Structures $ �
<br />Demolition (new) $ _ $ _ $ , � _
<br />Demolition (rehab) $ _ $ . � _ �
<br />Site Grading, Clearing, etc. $ . $ _ $ _ �
<br />Off-site Irnprovements $
<br />New Building Hard Costs $ 1,781,500 $ -$ 1,7'81,5�0 $ 935,295
<br />RehabUitatlan Hard Costs $ _ $ _ � _ � _
<br />Accessory Building $ _ $ _ $ _ � _
<br />Constructlon Contingency $ 39,000 $ - $ 39,0�0 $
<br />Architect Design $ 25,000 $ - $ 25,000 $
<br />Architect Supervision $ 5,000 $ - $ 5,OOd $
<br />Survey \ Enginesring �ees $ 7',000 $ - $ 7,ppp $
<br />Construction Insurance $ _ $ _ $ _ $
<br />Canstructipn Loan Interest $ 65,000 $ -$ fi5,000 $
<br />Origination Fee $ 27,604 $ - $ 27,604 $ -
<br />Constructfon Peripd Taxes $ 2,000 $ -$ 2,000 $
<br />Bridge Loan Expenss" $ . $ _ $ _ $
<br />Property Appraisal"'" $ 3,000 $ - $ 3,000 $
<br />LIH7C Fees $ 8,300
<br />Environmental Study \ Review $ 2,000 $ -$ 2,000 $
<br />Market Study $ 4,500 $ - $ 4,500 $ -
<br />Real �state Attorney $ . $ . � _ �
<br />Real Estate Consultant $ . $ _ $ _ �
<br />LIHTC Consultant Fee $ _ $ _ � _ �
<br />Contractor Overhead $ 31,OOq $ - $ 31,000 $
<br />Contractor Profit $ 77,500 $ - $ 77,50p $
<br />General Requirements $ 31,OOp $ - $ 31,000 $
<br />peveloper Overhead $ 40,000 $ - $ 40,OQq $
<br />Developer Fee $ 13p,q0Q $ - $ 130,p00 $
<br />7itle & Recording $ 5,5Q0 $ - $ 5,500 $
<br />Perm. Loan Origination Fee $
<br />Cost Certification $ 6,000
<br />NIFA $ 37,171
<br />Underwriter Fess $ 50,000
<br />�rganixational/EFN Prepaid $ 19,118
<br />§1602 fee $ 9,353
<br />i�ent-up Reservss $ 18,000
<br />Operating Reserves $ 75,100
<br />Other: Soils Report $ 3,50U $ -$ 3,500 $
<br />Other: Internet Installation $ 20,000 $ -$ 20,000 $ -
<br />Other: T1tle 8 Recordin $ 5,503 $ -$ .$
<br />TOTAL a 2,918,649 a -$ 2,3U0,1Q4 $ 935,295
<br />of LQnder Amount
<br />� Bank $ 223,958 (First Mortgage)
<br />$ 935,295 (Second Mortgage)
<br />Develo ment C r HOME Lc $ 601,896 (7hird Mortgage)
<br />;d C7 v 1 r Loan $ 34,Q00 (Fourth MortaaaPl
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