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Covenant Village:FAHP & LIHTC Test

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[4] Building efficiency (GLA:GBA) (or GLA) 0.95
AVI[6] Units to develop 144
AVI[11] Depr. assets acquired 110
AVI[12] Land development 5146.895833
AVI[13] Building cost ($/sq.ft.if AVI[101]=sq.ft.) 25.005
AVI[14] Service structures 1666.666667
AVI[15] Architecture & engineering 926.7013889
AVI[16] Elevator/escalator 120
AVI[17] Furniture & equipment 130
AVI[18] Misc. admin 380.5555556
AVI[19] Expensed costs (except interest) 40
AVI[20] Est.const.int,fin.fees,acctg.adj.(ProCash checks) 2431.455212
AVI[21] Contingency, errors & ommissions 1580.597222
AVI[22] Reimburseables 50
AVI[26] Mortgage close (mos.after opening, % rented, or date) 12
AVI[27] Contruction interest to impose (or CSF[;12]) 393.72
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[37] Bridge loan interest rate:equity & operations 0.095
AVI[41] Other income/unit (vacancy applies;ex.AVI[7]units) 84
AVI[44] Start-up operating losses (financed & expensed) 1477.12515
AVI[45] Working capital (no interest is earned) 100
AVI[46] Operating reserve (on which to earn interest) 2330.555556
AVI[47] Rate to earn interest on operating reserve 0.06
AVI[53] Vacancy rate (in normal operating years) 0.07
AVI[55] Operating expenses (fixed, per unit) 1100
AVI[60] Capital replacement (decimal of DFI or $/unit/yr) 150
AVI[61] 1st mortgage loan to value Ratio or $ Amount 1
AVI[62] 1st mortgage interest rate 0.095
AVI[63] 1st mortgage term in Years (0=interest only) 25
AVI[64] 1st mortgage months Til Balloon 180
AVI[65] 2nd mortgage loan to value ratio or $ amount 2000000
AVI[66] 2cd mortgage interest rate 0.03
AVI[67] 2cd mortgage term in years (0=interest only) 25
AVI[69] Who provides 2nd mortgage (see AVI[ 65]) 6
AVI[83] Developers share of ownership 0.01
AVI[85] Investors share of ownership 0.99
AVI[86] Number of equity payments (for AVI[87]) 4
AVI[87] Equity contribution ($ or % Costs Less Land&Fin.) 0.6924
AVI[89] When equity contribution available 2
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[97] Return on equity allowable (for rent formula) 0.08
AVI[98] Builders profit (for rent formula) 0.07
AVI[101] Square feet/unit (affects AVI[13]) 829.9415
AVI[102] Utilities allowance (for rent formula, AVI[3] periods) 63.33
AVI[104] Equity Requirement (can be met by AVI[87]) 0.05
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] 63000
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[136] Rate to Earn Interest on Reserve for Capital Improvements MV[6] 0.05
AVI[143] If MV[58]=1,AVI[98] Vlu = Cash Flow(0)or Exc.Fin(1) MV[14] 1
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[172] LIHTC Tax Credit: Acquisition (e.g. .04) MV[49] 0.04
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] 1
AVI[186] Base Data in MV[64] 6



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