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Covenant Village: 9% Tax Credit: $1.2M PBC

Input array: AVI

AVI[1] No. of acres (or sq.ft. of land) 8.27
AVI[2] Land cost (/acre or /sq.ft.)(Total $ if AVI[1]=0) 42321.6445
AVI[6] Units to develop 144
AVI[12] Land development 5146.895833
AVI[13] Building cost ($/sq.ft.if AVI[101]=sq.ft.) 30.02992883
AVI[14] Service structures 1666.666667
AVI[15] Architecture & engineering 926.7013889
AVI[18] Misc. admin 380.5555556
AVI[19] Expensed costs (except interest) 40
AVI[20] Est.const.int,fin.fees,acctg.adj.(ProCash checks) 2363.978446
AVI[21] Contingency, errors & ommissions 1580.597222
AVI[24] Start of construction loan availability 4
AVI[26] Mortgage close (mos.after opening, % rented, or date) 12
AVI[28] Mos. after open to realize expected income 6
AVI[29] Vacancy at opening as a decimal of total $ 0.8888888889
AVI[30] Adj. factor to get occupancy from AVI[29] RU(.55) 1
AVI[40] Minimum income/unit before vacancy(ex.AVI[7]units) 313.1263929
AVI[41] Other income/unit (vacancy applies;ex.AVI[7]units) 84
AVI[44] Start-up operating losses (financed & expensed) 2329.552514
AVI[47] Rate to earn interest on operating reserve 0.05
AVI[53] Vacancy rate (in normal operating years) 0.07
AVI[55] Operating expenses (fixed, per unit) 1550
AVI[60] Capital replacement (decimal of DFI or $/unit/yr) 150
AVI[83] Developers share of ownership 0.01
AVI[85] Investors share of ownership 0.99
AVI[90] Land lease rate (% of AVI[92] Price or $/Year) 0.06
AVI[93] Who will own land (if land lease exists) 1
AVI[96] Mortgage amounts based on cost (default=value) 1
AVI[101] Square feet/unit (affects AVI[13]) 788.4444444
AVI[102] Utilities allowance (for rent formula, AVI[3] periods) 63.33
AVI[105] Credit Enhancement (e.g.annual points 1st mtge) 83.33333333
AVI[106] Who Gets Credit Enhancement (see AVI[105]) 7
AVI[120] Investors Tax Rate 0.34
AVI[125] Points for Raising AVI[87] Equity Contribution 0.06541666667
AVI[128] Points 1st Mtge at Const. Loan Settlem AVI[24] 69000
AVI[130] Points 1st Mtge at Perm. Mtge.Close AVI[23 26] 0.03
AVI[131] Annual Growth Rate for Gross Income MV[1] 0.03
AVI[132] Annual Growth Rate for Operating Expenses MV[2] 0.05
AVI[133] No. of Years to Hold Income Constant MV[3] 2
AVI[134] No. of Years to Hold Operating Expenses Constant MV[4] 2
AVI[135] Periods from Start of Analysis to Opening(MV[18]) MV[5] 6
AVI[136] Rate to Earn Interest on Reserve for Capital Improvements MV[6] 0.05
AVI[142] No.Periods to project (MV[19] period definition) MV[13] 16
AVI[149] Partners Share Oper.Losses(0) No=1 (2=dev.meets from Fin./Eq) MV[22]  
AVI[150] Term Over Which to Depreciate Capital Improvements MV[23] 7
AVI[151] Depreciation Rate Capital Improvements (0 if ACRS) MV[24] 2
AVI[152] Exclude operating losses AVI[44] from mortgage financing(0=inc.)MV[25]  
AVI[156] Inv.Returned Before Dist.in End.Vlu.(0) or Inv.Ignored (1) MV[29] 1
AVI[158] Starting Year (if MV[31]=0, then 1 2..) MV[31] 1987
AVI[173] LIHTC Tax Credit: Const./Major Rehab(.09 or .04) MV[50] 0.09
AVI[174] LIHTC Units Qualifying (Low Income Hsg.TaxCredit) MV[51] 0.8
AVI[177] Project Opening Staggered(.5=halfway thru AVI[28]) MV[54] 0.5
AVI[194] Experimental:depreciate & inc. for LIHTC land dev. & F&E MV[72] 1


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