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Broadway Plaza Revised: 9-May-11
<br /> Everett Version#: 36
<br /> SUMMARY OF SALIENT FACTS
<br /> Prepared for: Housing Authority of Everett
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<br /> Total Phase Site Area 0.95 acres
<br /> MAXIMUM MEDIAN MAXIMUM RENT AT SET- PROPOSED
<br /> Total Rental Units 190 Units UNIT TYPE NUMBER OF UNITS INCOME SET-ASIDE ASIDE RENT
<br /> Density per Acre 200.76 Units ONE BDRM,1 BATH-West 82 60% $904 $757
<br /> Number of 9%Tax Credit Units 0 Units ONE BDRM,1 BATH •East 101 60% $832 $757
<br /> Number of 4%Tax Credit Units 190 Units TWO BDRM,1 BATH•West 7 60% $1,078 $860
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<br /> Current Listing Price
<br /> Purchase Price $14,980,000 $78,842
<br /> Appraised Value $14,980,000
<br /> Assumed Land Price $1,861,400 $9,797 190
<br /> Land Price Valuation from Assessor
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<br /> Residential Vertical Construction $4,500,149 LLC Acquisition Price $14,980,000 LLC Acquisition Date May-11
<br /> Community a Commercial Space $0 Less:Outstanding Debt $0 Vertical Construction Start #VALUE!
<br /> Total Construction Cost $4,500,149 Less:EHA Seller Financing •$9,875,000 Vertical Construction Completion Apr-12
<br /> Corgruction Contingency included in Budget $341,936 , Investor Equity Pay1n Date Jul-11
<br /> TottatKontingency Percentage 8,50% Net Proceeds to EHA $5,105,0001•777t.--;:j.::`:!-7: E16V‘iaper Fps, i. .T
<br /> Deferred Portion $1,138,816
<br /> Cash Portion $961,184
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<br /> Architectural a Engineering $232,234 Tax Credit Equity )eigef'O relic( can LeM71, $5,827,164 Total Eligible Basis of 4%Credit $20,282,506
<br /> Construction Services $27,500 Tax-Exempt Debt-Permanent $7,000,000 Total Eligible Basis of 9%Credit $0
<br /> Contingency-Soft $75,000 EHA-Seller Financing $9,875,000 Qualified Census Tract NO 100.00%
<br /> Community Support Services $0 TCAP Stimulus Funds $0 Total Qualified Basis $20,282,506
<br /> Developer Cost $2,103,500 Credit Percentage Used for 4% 3.40%
<br /> Financing Cost $536,580 Credit Percentage Used for 9% 8.18%
<br /> Legal $234,000 Annual Credits Generated $689,605
<br /> Interest $143,186 Limited Partner Pay-in Factor $0.845
<br /> Permits $67,450 Projected Equity Contribution $5,827,164
<br /> Relocation $108,000 LP Equity Pay-in Date 1-Jul-11
<br /> Reserves 5775,000 Investor Yield("unloaded') 32.64%
<br /> Acquisition $14,980,000 EHA Deferred Develolper Fee $1,138,816 i, :-TS;}..,,-:,r Permanent.bebt bl x ,4,! .:. "'x,
<br /> Indirect $58,381 Tax Exempt Debt 6.00% $7,000,000
<br /> TOTAL SOFT COST $19,340,831 TOTAL SOURCES $23,840,980 Total Private-Activity Bonds Used $12,827,164
<br /> TOTAL DEVELOPMENT COST 523,840,980 h Fundi sho ati $4 DCR/Payment on Perm Debt 1.35 $482,817
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