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EXPENDITURES
<br /> HOPEWORKS STATION - PROJECT BUDGET (cont.)
<br /> Def Fee/
<br /> City of Snohomish State NHTF/ Residential
<br /> Everett County LIHTC HTF/UHEE Sponsor total
<br /> Loan/AHP
<br /> Construction Financing
<br /> Construction Loan Fees $106,010 $43,434 $149,444
<br /> Construction Loan Expenses $10,000 $10,000
<br /> Construction Loan Legal $10,000 I $10,000
<br /> Construction Period Interest $221,000 I $221,000
<br /> Lease-up Period Interest $334,363 $334,363
<br /> SUBTOTAL $0 $46,084 $678,723 $0 $0 $724,807
<br /> Permanent Financing
<br /> Permanent Loan Fees $0
<br /> Permanent Loan Expenses $0
<br /> Permanent Loan Legal r $8,466 $8,466
<br /> LIHTC Fees $130,931 $130,931
<br /> LIHTC Legal $64,785 $20,215 $85,000
<br /> LIHTC Owners Title Policy $5,644 $5,644
<br /> State HTF Fees $20,000 $20,000
<br /> Other:syndication consultant $17,461 $2,539 $20,000
<br /> SUBTOTAL $0 $82,246 $187,795 $0 $0 $270,041
<br /> Capitalized Reserves
<br /> Operating Reserves $296,930 _ $296,930
<br /> Replacement Reserves $22,750 $22,750
<br /> Other: $74,088 $74,088
<br /> SUBTOTAL $0 $0 $393,768 $0 $0 $393,768 I
<br /> Other Development Costs
<br /> Real Estate Tax $30,000 $30,000
<br /> Insurance $78,894 1 $78,894
<br /> Relocation $0
<br /> Bidding Costs $0
<br /> Permits,Fees&Hookups $39,771 $53,355 $93,126
<br /> Impact/Mitigation Fees $23,501 $8,879 1 $32,380
<br /> Development Period Utilities $0
<br /> Nonprofit Donation $25,000 $25,000
<br /> Accounting/Audit $20,000 $20,000
<br /> Marketing/Leasing Expenses $10,000 $10,000
<br /> Carrying Costs at Rent up/Lease
<br /> Up Reserve $0
<br /> SUBTOTAL $0 $142,166 $145,087 $0 $0 $289,400
<br /> Bond Related Costs of Issuance
<br /> (4%Tax Credit/Bond Projects
<br /> Only)
<br /> Issuer Fees&Related Expenses $0
<br /> Bond Counsel $0
<br /> Trustee Fees&Expenses $0
<br /> Underwriter Fees&Counsel $0
<br /> Placement Agent Fees&Counsel $0
<br /> Borrower's Counsel-Bond Related $0
<br /> Rating Agency $0
<br /> SUBTOTAL $0 $0 $0 $0 $0 $0
<br /> Total Development Cost: $500,537 $600,000 $13,219,000 $1,750,000 $1,846,162 $17,915,699
<br /> Exhibit B
<br /> Housing Hope Properties
<br /> Page 3 of 4
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