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2oioo�E3�
<br />EXHIBIT B
<br />US� OF SECTION 16Q2 FUNDS
<br />BUDGET \ MORTGAGE INFORMATION
<br />(complete yellow-shaded areas)
<br />Estimated Total 4% LIHTC Eligible 9"/o LIHTC Eligible Use of Section 1602
<br />Development Costs sasis Basls Funds
<br />Land $ 3Bn
<br />Existing Structures $ - $ -
<br />Demolition (new) � - $ - $ _ $ -
<br />Demolitian (rehab) $ - $ - $ - $
<br />Site Grading, Clearing, etc. $ - $ - $ - $ -
<br />Off-site Improvements $ -
<br />New Building Mard Costs $ 1,645,7D� $ -$ 1,645,700 $ 1,496;825
<br />Rehabilitation Hard Costs $ - $ - $ - $
<br />Accessory Building $ - $ - $ - $ -
<br />Construction Contingency $ 120,055 $ - $ 120;055 $
<br />Architect [7esign $ 25,000 $ - $ 25;OOQ $ -
<br />Architect Supervision $ 5,000 $ - $ 5,Dpn $
<br />Survey \ �ngineering Fees $ 10,5�0 $ - $ 10,500 $ -
<br />Construction Insurance $ - $ - $ - $ -
<br />Construction Loan Interest $ 40,p00 $ -$ 40,000 $ -
<br />Origination Fee $ 26,385 $ - $ 26,3$5 $
<br />Construction Period T'axes $ 2,�00 $ -$ 2,OD0 $
<br />Bridge Loan Expense* $ - $ - $ - $ -
<br />Property Appraisal'""' $ 3,000 $ - $ 3,000 �
<br />LIHTC Fees $ 7,75D
<br />Environmental Study \ Review $ 2,500 $ - $ 2,54d $ -
<br />Market Study $ 3,DQ0 $ - $ 3,QOp $ -
<br />Real �state Attorney � - $ - $ - �
<br />Real Estate Consultant $ - $ - $ - $ -
<br />LIH"fC Consultant �ee $ - $ - $ - $
<br />Contractor Overhead $ 32,OOQ $ - $ 32,000 $ -
<br />Contractor Profit $ 80,000 $ - $ $O,pOD $
<br />General Requirements $ 32,000 $ - $ 32,pp0
<br />C7eveloper Overhead $ 40,000 $ - $ 40;000 $ -
<br />Developer Fee $ 130,OQ0 $ , - $ 130;��Q $ -
<br />Title & Recording $ 5,500 $ - $ 5 $ -
<br />Perm. Loan Origination Fee $ 5,500
<br />Cost Certification $ S,QpO
<br />Counsel Fee $
<br />Underwriter Fees $ 50,000
<br />NIFA §1602 fees $ 14,968
<br />Tax Opinion $
<br />Rent-up Reserves $ 16,512
<br />Operating Reserves $ 71,6p9
<br />Qther: Internet Installation $ 10,000 $ -$ 10,000 $ -
<br />Other: Title & Recording $ 1$;OQp $ - $ - $ -
<br />�ther; NIFA com liance fee $ 3�4,866 $ - ffi -
<br />TOTAL $ 2,799,845 $ - $ 2,212,64U $ 1,496,825
<br />Name af Lender Amount
<br />Horizon Bank $ 215,30Q (First Martgage)
<br />NIFA $ 1,496 (Second Mortgage)
<br />34,000 (Third M
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