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201007863
<br />EXHI8IT B
<br />US� OF SECTIQN 1602 FUNDS
<br />BUDGET \ MORTGAGE INFORMATION
<br />(complate ys��ow-ehaded are�$)
<br />E:Wnabd total Drwbpm�M {� ��C ENqtWe Rtasls Y% �IHT'C lHplql� Basl� Uae o( Sactfon 1802 Funds
<br />Co�ts
<br />Land S 198,50Q
<br />Existlnp Structures � $ _
<br />Demolitipn (new) s - $ - S „ a -
<br />Dem0lition (reha6) s . s . $ _ $
<br />S�e Grading, Glearing, etc. $ 16fl,Z22 $ - y 159,222 $ 159,222
<br />Off-site Impravements �
<br />New Buiiding Hard Costs S 2,583,738 S -$ 2,583,738 $ 1,974,058
<br />Rehabilitation H�rd Costs ; _ a _ $ _ �
<br />Accessary Bulldinq S - S - g -$
<br />Construction Contlngency $ 172,487 $ - S 172,467 $ -
<br />Architect Design S 10U,689 5 - 3 100,889 S
<br />Ardritect Supervtsion $' 33,768 $ - 3 33,768 $ -
<br />Survey 1 Enpine@ring F888 $ 85,12p S - S 65,12Q $ 31,D25
<br />ConstrucUon Insurance $ 1Q,000 $ -$ 10,000 S
<br />Gpnstruction Loan Interest $ 159,900 $ - S 159.900 $ -
<br />Originatlon Fee $ - � - a - $
<br />Constructlon Period 7axes a - a - a _� _
<br />Bridge Loan Expense" $ - S - a -�
<br />PropertyApPraisal" � 1,200 S -$ 1,200 S 1,20p
<br />LIHTC Fees S 36,055
<br />�nvironmental Study \ Review S 17,486 s - S 17,485 $ 17,498
<br />Market Shidy � 4,500 � - S 4,500 a 4,500
<br />Real Eskata Attorney 5 1 QOOU 3 -$ 10,OQ0 S
<br />Real Estate Consultant 3 _ $ _ $ _ $
<br />LIHTC Cansultant Fep $ _ $ _ g _ $ _
<br />GontractorQverhead $ 101,170 $ . a 1p1,17'0 S -
<br />Contractor Proflt S - $ - $ - S -
<br />General Requlroments S 209,2a5 E - a 209.245 $ -
<br />Developer Overhead s - g - � . �
<br />Develaper Fee S 415,908 $ -$ 415,908 $
<br />Title & Recording � 8,000 $ -� 8,000 s -
<br />Perm. Loan Oripinatlon Fee �
<br />Cost Certifcatipn S 7,500
<br />Counsel Fee $ 5,000
<br />Undarwriter Fees S 50,o0p
<br />Organizatip�al 5 2.00U
<br />Tax ppini0n a 5.ppp
<br />Rent-up Reserve& S 2,000
<br />Oper�ting Reserves $ 83.456
<br />Qther; additfonal reserves $ 93,456 a - s - a
<br />Qfher: pre-funded ropl. Reserve $ 122,218 S - s - S -
<br />Other: fumlahtn e ui ment S 281,000 S - S _ a -
<br />TOTAL 4 928 595 i 4 032 412 2187 503
<br />450,000 (F1rst Mortgape)
<br />2,187,503 (Second AAort�age)
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