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EXPENDITURES <br /> HOPEWORKS STATION RESIDENTIAL <br /> PROJECT BUDGET - AMENDMENT #1 <br /> City of Snohomish State NHTF/ Def Fee/ <br /> CATEGORY Everett County LIHTC HTF/UHEE Sponsor <br /> Loari/AHP <br /> Construction Financing <br /> Construction Loan Fees $106,010 $43,434 <br /> Construction Loan Expenses j $10,000 <br /> Construction Loan Legal $10,000 <br /> Construction Period Interest $221,000 <br /> Lease-up Period Interest i $334,363 <br /> SUBTOTAL $0 $106,010 $618,797 $0 $0 <br /> Permanent Financing <br /> Permanent Loan Fees , <br /> Permanent Loan Expenses <br /> Permanent Loan Legal $8,466 <br /> LIHTC Fees $130,931 <br /> LIHTC Legal $64,785 $20,215 <br /> LIHTC Owners Title Policy $5,644 <br /> State HTF Fees $20,000 ' <br /> Other:syndication consultant $17,461 $2,539 <br /> SUBTOTAL $0 $82,246 $187,795 $0 $0 <br /> Capitalized Reserves <br /> Operating Reserves $296,930 <br /> Replacement Reserves $22,750 <br /> Other: $74,088 <br /> SUBTOTAL $0 $0 $393,768 $0 $0 <br /> Other Development Costs <br /> Real Estate Tax $30,000 <br /> Insurance $78,894 <br /> Relocation <br /> Bidding Costs <br /> Permits,Fees&Hookups $39,771 $14,736 $38,619 <br /> Impact/Mitigation Fees $23,501 $8,879 <br /> Development Period Utilities <br /> Nonprofit Donation $25,000 <br /> Accounting/Audit $20,000 <br /> Marketing/Leasing Expenses $10,000 <br /> Carrying Costs at Rent up/Lease <br /> Up Reserve <br /> SUBTOTAL $20,000 $142,166 $88,615 $0 $38,619 <br /> Bond Related Costs of Issuance <br /> (4%Tax Credit/Bond Projects <br /> Only) <br /> Issuer Fees&Related Expenses <br /> Bond Counsel <br /> Trustee Fees&Expenses <br /> Underwriter Fees&Counsel <br /> Placement Agent Fees&Counsel <br /> Borrower's Counsel-Bond <br /> Related <br /> Rating Agency <br /> SUBTOTAL $0 $0 $0 $0 $0 <br /> Total Development Cost: $500,537 $600,000 $13,219,000 $1,750,000 $1,846,162 <br /> Exhibit B-1 <br /> Housing Hope Properties <br /> Page 3 of 4 <br />