Exhibit “C”
Sources and Uses of Funds
HOME Tax Credit
Equity
Perm Loan IIG Deferred
Developer
Fee
Developer
Contribution
AHSC
Purchase Price 600,000$ -$ 600,000$ -$ -$ -$ -$ -$ 157,752$ -$ 157,752$ -$ -$ -$ -$ -$ Predevelopment Interest/Holding Costs 168,950$ -$ 168,950$ -$ -$ -$ -$ -$ Subtotal 926,702$ -$ 926,702$ -$ -$ -$ -$ -$ Construction/Rehabilitation:
Vertical Construction 37,115,718$ 675,154$ 4,337,718$ 4,504,099$ -$ -$ -$ 27,598,747$ 1,657,768$ -$ 452,821$ -$ 1,204,947$ -$ -$ -$ 2,310,940$ -$ 2,310,940$ -$ -$ -$ -$ -$ 3,081,903$ -$ 1,310,470$ -$ -$ -$ -$ 1,771,433$ 1,111,893$ -$ -$ -$ -$ -$ -$ 1,111,893$ 1,036,893$ -$ -$ -$ -$ -$ -$ 1,036,893$ 48,000$ -$ 48,000$ -$ -$ -$ -$ -$ 120,000$ -$ -$ -$ -$ -$ -$ 120,000$ 2,131,876$ -$ 585,885$ -$ -$ -$ -$ 1,545,991$ Subtotal 48,614,991$ 675,154$ 9,045,834$ 4,504,099$ 1,204,947$ -$ -$ 33,184,957$ 10,000$ 10,000$ -$ -$ -$ -$ -$ -$ 2,114,846$ 2,114,846$ -$ -$ -$ -$ -$ -$ 219,420$ -$ 219,420$ -$ -$ -$ -$ -$ 4,500$ -$ 4,500$ -$ -$ -$ -$ -$ 615,000$ -$ 615,000$ -$ -$ -$ -$ -$ Subtotal 2,963,766$ 2,124,846$ 838,920$ -$ -$ -$ -$ -$ Permits, Fees & Hookups 1,400,244$ -$ 1,400,244$ -$ -$ -$ -$ -$ 101,125$ -$ 101,125$ -$ -$ -$ -$ -$ 5,300,000$ 200,000$ 5,100,000$ -$ -$ -$ -$ -$ 20,000$ -$ 20,000$ -$ -$ -$ -$ -$ Marketing/Leasing Expenses 199,711$ -$ 199,711$ -$ -$ -$ -$ -$ 240,174$ -$ 240,174$ -$ -$ -$ -$ -$ 95,823$ -$ 95,823$ -$ -$ -$ -$ -$ CTCAC App/Allocation/Monitoring Fees 635,131$ -$ 635,131$ -$ -$ -$ -$ -$ 119,963$ -$ 119,963$ -$ -$ -$ -$ -$ Subtotal 8,112,171$ 200,000$ 7,912,171$ -$ -$ -$ -$ -$ 345,000$ -$ 345,000$ -$ -$ -$ -$ -$ 8,400,000$ -$ 2,200,000$ -$ -$ 1,500,000$ 4,700,000$ -$ 30,000$ -$ 30,000$ -$ -$ -$ -$ -$ Real Estate Tax 30,000$ -$ 30,000$ -$ -$ -$ -$ -$ 343,343$ -$ -$ -$ -$ -$ -$ -$ Title Fees, Bond Issuance, 560,000$ -$ 343,343$ -$ -$ -$ -$ -$ 560,000$ -$ 560,000$ -$ -$ -$ -$ -$ Subtotal 10,268,343$ -$ 3,508,343$ -$ -$ 1,500,000$ 4,700,000$ -$ Total Development Costs 70,325,973$ 3,000,000$ 22,231,970$ 4,504,099$ 1,204,947$ 1,500,000$ 4,700,000$ 33,184,957$ Total
Development
Costs
Funding Sources
UP DAKOTA FAMILY, LP BUDGET
Demolition
Acquisition Costs:
On-Site Costs
General Requirements
Contractor Overhead
Contractor Profit
Prevailing Wages
Architect/Engineer
Hard Cost Contingency
Construction Loan Fees
Construction Interest
Development:
Other Development Costs:
Geotechnical Study
Legal Expenses
Market Study
Insurance
Appraisal
Environmental Assessment
Developer Fee
General Liability Insurance
Construction Management
LIHTC Fees
Operating Reserves
Impact/Mitigation Fees
Accounting/Audit
Soft Cost Contingency
Financing:
Replacement Reserves