Arizona Department of Housing

Low Income Housing Tax Credit Program

2021 2021 APPLICATION FORM 3

Application Submission Date:

Thursday, April 1, 2021

4:00 P.M.

Applications Submitted to:

Rental Programs Administrator

Arizona Department of Housing
1110 West Washington Street, Suite 280
Phoenix, AZ 85007

The Federal Low-Income Housing Tax Credit (LIHTC) Program was established by the Tax Reform Act of 1986,
codified in Section 42 of the Internal Revenue Code of 1986, as amended, to encourage the construction and
rehabilitation of low-income rental housing. The Arizona Department of Housing is the housing credit agency
responsible for allocating tax credits to owners of qualified residential rental programs pursuant to the Qualified
Allocation Plan.

Applicant should note, should there be any discrepancies between the 2021 QAP and the Exhibits or Forms attached hereto, the 2021 QAP shall control.
This document may be made available in alternate formats upon request.
Please contact Joy Johnson, Special Needs Division, Arizona Department of Housing at (602)771-1026 or joy.johnson@azhousing.gov .
 Arizona Department of Housing Form 3
Low Income Housing Tax Credit Program Pages 1-2
2021 Insert at Tab 3

1) Project Summary
Date: LIHTC Requested:

Project Name:
Address:

City State: Zip Code + 4

County: Census Tract Number:

Latitude: Longitude:
Check all that apply:
Legislative District Numbers: Qualified Census Tract
State Senate: Difficult Development Area
State House: Rural - Non MSA area
Congressional: Project Preserves property at risk of losing affordable units

Financing Included in Capital Stack (check all that apply):

Rural Housing Services (RHS) CDBG National Housing Trust Fund
FHA Insurance HOME Section 202
Tax Exempt Bond Financing HOPE VI Section 811
FHA Risk Sharing AHP Rental Assistance Demonstration (RAD)
Veterans Affairs Supportive Housing (VASH)
Project Based Section 8 NAHASDA
Program
McKinney-Vento Homeless NSP Freddie Mac / Fannie Mae Guarantee
Historic Tax Credits Tax Credits Other:

Construction Type: (Check all that apply.) Income Levels: # Units

New Construction 30% AMI & below:
Acquisition/Rehab 30.1% - 40% AMI:
Rehabilitation Only 40.1% - 50% AMI:
Acquisition/Demo & New Construction 50.1% - 60% AMI:
Adaptive Re-Use (considered rehabilitation in underwriting) 60.1% - 70% AMI:
Historic Property 70.1% - 80% AMI:
Unit Set-Asides:
Unit Mix: (Include Low-Income and Employee Units) (The information entered below will be included in the LURA.)
# Adaptive
# New Reuse # Rehab Total % Units Enter # Units Set Aside for:
Efficiency 100 100 0 Chronically Homeless
1-BR 0 0 Older Persons:
2-BR 0 0 Veterans
3-BR 0 0 Special Pop:
4-BR 0 0 Households with Children
5-BR 0 0 Tribal Members
Total 100 0 0 100 0 Tenant Lease Purchase
Percentage 100% 0% 0% 100% 0 Assisted Living
2) Prior Year Allocation (complete if Project received an allocation of credits in a prior year)

Allocation Year: First Year of Credit Period:

3) Minimum Set Aside and Federal Subsidy

Minimum Set-Aside Election: (only select one)
20% of units are rent restricted & to be occupied by individuals whose income is 50% or less of AMGI
40% of units are rent restricted & to be occupied by individuals whose income is 60% or less of AMGI
Average Income under IRC Section 42(g)(1)(C)

Check here if Project has tax-exempt

Federal Subsidies: bonds.

4) Applicant Information Developer Owner Other

Name Phone
Company Phone Extension:
Address
City State Zip+4
Check all that apply: E-mail Address
For Profit Entity Non-Profit Entity Tribal Entity Local Government Entity

5) Principal Contact Information

List the principal contact authorized to conduct business with the Arizona Department of Housing (ADOH) on behalf of the Applicant. ADOH is not
responsible for contacting or distributing information to other affiliates listed herein.

Name Phone
Title Phone Extension:
Company
Street Suite:
City State Zip+4
E-mail Address
Mailing Address (if different than street address above)
Address
City State Zip+4

5a) Secondary Contact Information

List a second contact, if applicable, authorized to conduct business with the Arizona Department of Housing (ADOH) on behalf of the Applicant.

Name Phone
Title Phone Extension:
Company
Address
City State Zip+4
E-mail Address

6) Ownership Information
Entity TIN*
Address DUNS No.*
City State Zip+4

Legal Status: To Be Formed

Formed Corporation
or
State where Formed: Qualified 501(c) 3
Limited Partnership CHDO
Limited Liability Company Local Government

Name of General Partner(s), Ownership

Managing Member(s) TIN Phone % Status

For Profit Non Profit

For Profit Non Profit

*Project Owner must be duly formed, incorporated, or otherwise legally existing at Carryover per QAP Section 3.1
 Arizona Department of Housing Form 3
Low Income Housing Tax Credit Program Page 3
2021 Insert at Tab 3

7) Development Team Information

Name of Development Team Member Developer Fee % Identity of Interest

Developer Yes No
Co-Developer Yes No
Consultant Yes No
Contractor Yes No
Architect Yes No
Property Manager Yes No
Tax Attorney Yes No
Accountant Yes No
Other (if applicable, explain here) Yes No
Provide explanation of all identities of interest behind Form 6 Tab 6.

8) Site Information - (ALL LAND MUST BE UNDER CONTROL PRIOR TO APPLICATION SUBMISSION.)
Site Control Contract Expiration Date:
Site is currently under control in the form of: (check all that apply)
Agreement to Lease/Lease
Deed Purchase Contract
Option
Lease Purchase Option Total Land Cost:
Total Land Square Footage:

Note any conditions to closing here:

Is site part of a multi-phased Project? Yes No The site purchase is:

If multi-phased project, what phase is this? Arm's Length/Non-Related Party purchase
Non-Arm's Length/Related Party purchase
Are utilities presently available at the site? Yes No
If NO, which utilities need to be brought to the site?

9) Seller/Lessor Information
Name Phone
Company
Address Fax
City State Zip+4
E-mail Address

10) Building Acquisition Information - Legal Opinion at Section 3.1(I) must address the ten (10) year rule.
Building(s) acquired or to be acquired from: Related Unrelated
Party Party
Buildings are under control via: Deed Purchase Option Lease
Agreement to Lease/Lease
Purchase Contract
Option
Does Project include any relocation or displacement of tenants? Yes No

Proposed
Addresses of Buildings Under Control Date Building Placed in Date of Number of
Acquisition Cost of Buildings Service by Current Owner Acquisition Units
1
2
3
4
5
6
7
8
9
10
Use separate page if more than ten (10) buildings.
 Arizona Department of Housing Form 3
Low Income Housing Tax Credit Program Page 4

2021 Insert at Tab 3

11) Project Characteristics

Select Project Type: Maximum
Allowable
Unit Type # Units Residential Floor Area (sf): New Rehab Eligible Basis
Low Income Units 0 - Efficiency 100 0 $ 23,164,000
Market Units 0 - 1-BR 0 0 $ -
Total Low Income & Mkt Rate Units 0 - 2-BR 0 0 $ -
Applicable Fraction: 0.00% 0.00% 3-BR 0 0 $ -
Employee Unit(s): 0 - 4-BR 0 0 $ -
5-BR 0 0 $ -
Square Feet Total 100 0 $ 23,164,000
Total Non-RFA Space: -
Total Project Square Footage (from Form 12-1): - Yes
Permanent Supportive Housing? No
Project Building Efficiency: #DIV/0! Actual Total Eligible Basis: $0
Within Maximum Eligible Basis? Pass ###
Type of Units: (Check all that apply.)
Multifamily Residential Detached Single
Rental Family Room
Single
Garden Apartments
Occupancy (SRO)
Duplex Four-Plex
Other:

Building Information 1-Story 2-Story 3-Story 4+ Stories Total

Residential Buildings 0 Number of Elevators:
Non-Residential Buildings 0
Total 0 0 0 0 0

12) Unit and Property Amenities (Included in LURA)

Low Income Unit Amenities
Range, Refrigerator, Dishwasher, Disposal, Kitchen Exhaust Fan, Microwave and Air Conditioning are required
and will be identified in the LURA.
Window Washer & Dryer
Ceiling Fans Washer & Dryer Hookups
Coverings Appliances
Other

Market Rate Unit Amenities Describe amenities that differ from those of the Low Income Units and list their corresponding costs here:

Section 2.9(C)(2) Smoke-Free Development Points:

By checking the box to the left, Applicant certifies that it will enforce a "no smoking" policy (including
electronic smoking devices) in all common and individual living areas in all buildings and offer a
designated smoking area outdoors on property.
Property Amenities Included in Basis Applicants will be required to provide amenities promised here:
Community Sport Court Carports - List
BBQ Area 0
Room
Common Picnic Area (specify type:)
Security (specify here:
# Garage/Podium/Tuck Under Pkg0
Laundry Area
Gated w/Tables type:) - List #
Pool(s) Sp:
# Uncovered
Walking Trail 0 0
Community Child Care Free Wi-Fi Service
here: Pkg
OtherSp:
Playground
Facilityin Basis
Property Amenities Not Included Infrastructure
Describe : corresponding costs here:
amenities not included in basis and list their

13) Utility Allowance Calculations

Source of Monthly Utility Allowance Calculation Effective Date:

Select Bedroom Size, then Enter Monthly Allowances

Utility Type Paid By 0 Bdrm 1 Bdrm 2 Bdrm 3 Bdrm 4 Bdrm 5 Bdrm
Heating Gas
Cooling Electric
Hot Water
Lights & Appliances
Photovoltaics Electric Only
Service Charges Gas & Electric
Sewer
Water
Trash
Other
Total: $ - $ - $ - $ - $ - $ -
 Arizona Department of Housing Form 3
Low Income Housing Tax Credit Program Page 5

2021 Insert at Tab 3

Project Name: Date:

14) Annual Operating Costs

ADMINISTRATIVE per unit
Total Administrative $0.00 -

OPERATING
Total Operating (lump sum) - -

MAINTENANCE
Total Maintenance (lump sum) - -

TAXES & INSURANCE

Total Taxes & Insurance - -

Total Operating Expenses - -

Annual Replacement Reserve per Unit $ - - -

Total Annual Operating Expenses (Do NOT include Supportive Services Cost) - -

- -
SUPPORTIVE SERVICES COST (Permanent Supportive Housing Set-Aside only)
*Explanation and budget for supportive services to be provided to chronically homeless population must be provided at Tab 16.

Note: ADOH restricts the costs in the operating budget to the costs directly associated with operating the real estate. Supportive Service costs for Permanent Supportive
Housing Projects are in addition to ADOH PUPY operating expense assumptions. Master-metered Projects - see QAP Section 7.1(C)(2) regarding operating expense
assumptions.

15) Real Estate Taxes

ADOH requests that the Applicant explain below the formula used to determine the real estate taxes to be assessed to the property:
If the property is exempt from property taxes, a written certification from the Treasurer or Assessor Office of the appropriate jurisdiction will be required at the time
of application. If verification of the property tax exemption is not provided or available, property taxes must be included in the operating expenses at the time of
application.

16) Rental Assistance

Will any low-income units receive Rental Assistance?

HAP
Contract
HUD PBV w/
AHAP
ACC
Contract
RD 515
Contract
Othe
r:
Number of Units Receiving Rental Assistance Length of Rental Assistance Contract Years
Rental Assistance must be documented at Tab 22
 Arizona Department of Housing Form 3
Low Income Housing Tax Credit Program Page 6

2021 Insert at Tab 3

Project Name: Date:

17) Unit Mix Choose the County in which the Project is located

Bdrms Baths AMI Level Special Source of # of % of Residential Maximum Market/Subsidy Utility Allowance Net Rent Total Monthly
Type Rental Units Total Floor Area Allowable TC Adjustments Rent
(HOME, Assistance Units for Unit Rent (-) (B)+(C)+(D)
Rental (-) or (+) (A) x (E)
Assist)

EXAMPLE: A B C D E F
3 2 50% RA PBV 10 10% 850 $ 820 $ (10) $ (45) $ 765 $ 7,650
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
#DIV/0! $ - $ - $ -
Employee (Part of Common Area) #DIV/0! $ - $ - $ -
0 #DIV/0! $ -
Additional Monthly Income (Describe here) = $ - per unit per month + -
Less Provisions for Vacancy/Loss % of Gross Rental Income - -
Less Other Deductions - -
EFFECTIVE GROSS MONTHLY INCOME = -
EFFECTIVE GROSS ANNUAL INCOME -
Annual Operating Expenses $ - per unit - -
Replacement Reserves $ - per unit - -
NET OPERATING INCOME (NOI) -
TOTAL RESIDENTIAL FLOOR AREA -
 Arizona Department of Housing Form 3
Low Income Housing Tax Credit Program Page 7

2021 Insert at Tab 3

Project Name: Date:

18) Sources of Financing

A B C D E F G H

Lender Name Perm Period Financed with Federal,

Amount During
Priority of Contact Name Amount During Permanent Financing Annual Payment (Debt Commitment State or Local Govt
Payment Contact Phone Construction Period Period Interest Rate or CF Amortization (Years) Term (Years) Sevice) Date Funds?
LIHTC Equity

Historic Tax Credits

Construction Loan Yes No

(Hard funds)

Primary Debt 1 $0.00 Yes No

(Hard debt)

Second Mortgage Debt 2 $0.00 Yes No

(Hard debt)

Deferred Fees 3 $0.00

ADOH Gap 4 - $0.00 Yes No
Other Debt 5 $0.00 Yes No
(Soft funds)

Other Debt 6 $0.00 Yes No

(Soft funds)

Other Debt 7 $0.00 Yes No

(Soft funds)

GP Equity Yes No
Other Equity Yes No

Other Equity Yes No

TOTAL SOURCES: - - TOTAL HARD DEBT SERVICE: $0.00

How many months from Notice to Proceed to Certificate of Occupancy? DEBT SERVICE COVERAGE RATIO:
How many months from Certificate of Occupancy to stabilized occupancy? (Primary & Second Mortgage Hard Debt) #DIV/0!
(All Hard Debt including ADOH Loan) #DIV/0!
 Arizona Department of Housing Form 3
Low Income Housing Tax Credit Program Pages 8-11
2021 Insert at Tab 3

Project Name: Date:

19) Development Budget

Are Davis Bacon Wages Included in Direct Construction Costs?

Explain Budget Changes below

Development and attach supporting
Line # Line Items Budget 9% Eligible Basis 4% Eligible Basis documentation.
I. Acquisition Costs
1 Land
2 Building(s) - 10 year Acq cost only
3 Brokerage/Finder's Fees
4 Closing costs
5 Legal Fees
6 Total Acquisition Costs $0 $0 $0
7
8 II. Direct Construction Costs
9 Concrete
10 Masonry
11 Metals
12 Rough Carpentry
13 Finish Carpentry
14 Moisture Protection (i.e. dampproofing and waterproofing)
15 Insulation
16 Roofing
17 Doors & Trim
18 Windows
19 Glass
20 Stucco (i.e. Lath & Plaster)
21 Drywall
22 Tile Work (non-flooring)
23 Acoustical Ceilings
24 Flooring (Resilient, Wood, Carpet, Tile)
25 Paints & Coatings
26 Specialties
27 Special Equipment
28 Cabinets and Countertops
29 Appliances
30 Window Treatments (i.e. Blinds and Shades)
31 Special Construction / Fire Suppression
32 Elevators
33 Plumbing and Hot Water
34 Heating, Ventilation and Air Conditioning
 Explain Budget Changes below
Development and attach supporting
Line # Line Items Budget 9% Eligible Basis 4% Eligible Basis documentation.
35 Electrical
36 Demolition & Abatement (Consult CPA for Eligible Basis guidance.)
37 Earthwork (Consult CPA for Eligible Basis guidance.)
38 Site Utilities
39 Roads, Walks & Paving
40 Site Improvements
41 Lawns and Planting
42 Unusual Site Conditions
43 Off-Site Improvements (not on the Owner's land)
44 Contractor's Bond & Insurance
45 Other (please describe here:)
46 Other (please describe here:)
47 Direct Construction Costs Sub-Total $0 $0 $0
48 Maximum Allowable:
49 General Requirements $0.00
50 Builder's Overhead $0.00
51 Builder's Profit $0.00
52 Sales Tax
53 HC Contingency (10% max) Line 47 $0.0
54 Hazardous Waste Contingency (7% max) Line 47 $0.00
55 Total Construction Cost $0 $0 $0
56
57 III. Professional Fees & Indirect Construction Costs
58 Architect Fee - Design PASS
59 Architect Fee - Supervision Maximum Allowable
60 Engineering Fee (Consult CPA for Eligible Basis guidance.) Arch/Eng/Soils/HERS is:
61 Soils Report (Consult CPA for Eligible Basis guidance.) $ 700,000.00
62 HERS Rater/Green Consulting
63 Survey (Consult CPA for Eligible Basis guidance.)
64 Environmental Survey
65 Market Study
66 Appraisal
67 Capital Needs Assessment
68 Legal Fees
69 Accounting Fees
70 Cost Certification
71 Permits & Fees paid for by Developer
72 Total Professional Fees $0 $0 $0
73
74 IV. Construction Financing Costs
75 Construction Loan Fee
76 Construction Interest
77 Bridge Loan Fees
78 Loan Credit Enhancement
79 Taxes - Construction Period Only
80 Title & Recording
 Explain Budget Changes below
Development and attach supporting
Line # Line Items Budget 9% Eligible Basis 4% Eligible Basis documentation.
81 Legal Fees
82 Inspection Fees
83 Owner's Insurance During Construction
84 Other
85 Total Construction Loan Costs $0 $0 $0
86
87 V. Permanent Financing Costs
88 Loan Origination Fee PASS
89 Cost of Issuance/Underwriting Discount (Bond Projects) Maximum Allowable
90 Bond Premium (for Bond Projects only) Origination & Loan
91 Legal Fees Fees is:
92 Title & Recording $ -
93 Total Permanent Loan Costs $0 $0 $0
94
95 VI. Syndication Costs
96 Organizational (Partnership)
97 Legal Fees
98 Other
99 Total Syndication Costs $0 $0
100
101 VII. Miscellaneous Soft Costs
102 Soft Cost Contingency (Not to exceed 3% of the total of Sec III) $0.00
103 Tenant Relocation Costs (Consult CPA for guidance regarding Elig Basis.)
104 Personal Property (FF&E included in basis)
105 Marketing
106 Department Fees
107 Other
108 Other
109 Total Miscellaneous Soft Costs $0 $0 $0
110
111 VIII. Developer's Overhead & Fees
112 Developer's Overhead/Fee PASS
113 Co-Developer Fee Maximum Allowable
114 Non-Profit Fee is:
115 Consultant Fee $ -
116 Total Developer Fee & Overhead $0 $0 $0
117
118 IX. Project Reserves
119
120 Lease-Up Reserves $ -
121 Operating Reserves $ -
122 Describe other reserve here: (waiver required)
123 Describe other reserve here: (waiver required)
124 Total Reserves $0 $0 $0
125
 Explain Budget Changes below
Development and attach supporting
Line # Line Items Budget 9% Eligible Basis 4% Eligible Basis documentation.
126 Total Development Cost $0 $0 $0
127 Maximum Allowable Eligible Basis on Line 126 is: $ 23,164,000.00
128 Less portion of federal grant used to finance qualifying costs
129 Less amount of non-qualifying non-recourse financing
130 Less non-qualifying units and/or excess portion of higher quality units
131 Less any cost directly attributed to non-residential mixed use square footage
132 Less Historic Tax Credits
133 Less Solar Tax Credits
134 Less Other Reduction: (explain here)
135
136 Equals TOTAL ELIGIBLE BASIS $0 $0
137 Multiply by DDA or QCT Areas Adjustor (except acquisitions) 100% 100%
138 Equals ADJUSTED BASIS $0 $0
139 Multiply by Applicable Fraction (lesser of the # of LI Units or SF of LI Units) 0.00% 0.00%
140 Equals TOTAL QUALIFIED BASIS $0 $0
141 Multiply by Applicable Percentage (in accordance with current rate) 9.00% 4.00%
142 Equals Eligible Tax Credits $0 $0
143
144 MAXIMUM ANNUAL TAX CREDITS PER IRC $0
 Arizona Department of Housing Form 3
Low Income Housing Tax Credit Program Page 12

2021 Insert at Tab 3

Project Name: Date:

20) Gap Analysis Calculation

ADOH limits the total amount of Tax Credits that it may award to a Project to the lesser of the eligible basis calculation or the Gap Analysis
calculation.

1. Uses of Funds $0
(Total Projected Development Cost)

2. Less: Sources of Funds*

(Include: permanent financing, long term loans, grants,
historic tax credits) - -

3. Equals the Funding Gap = $ -

4. Syndication Rate / $ 1.0000

5. Investor Ownership Percentage / 99.990%

6. Equals 10 Year Credit = $ -

7. Divided by 10 = Annual Credit Required = $ -

Tax Credits based on Gap Analysis $ -

Tax Credits based on Eligible Basis Calculation $ -

MAXIMUM ANNUAL TAX CREDITS PER IRC Total → $ -

 Arizona Department of Housing Form 3
Page 13
Low Income Housing Tax Credit Program Insert at Tab 3

2021
21) Principals
Please provide the name of each Person in the signature block of the following Principals:

Owner / Buyer / Lessee Entity: Select Legal Status: Select Role:

Entity Name: Limited Partnership (LP)
By: Limited Liability Corporation (LLC) Its:
By: Corporation Its:
By: Corporation Its:
By: Individual Its:

Seller / Lessor Entity: Select Legal Status: Select Role:

Entity Name: Limited Partnership (LP)
By: Limited Partnership (LP) Its:
By: Limited Partnership (LP) Its:
By: Limited Partnership (LP) Its:
By: Limited Partnership (LP) Its:

Developer Entity: Legal Status: Select Role:

Entity Name: Limited Partnership (LP)
By: Limited Partnership (LP) Its:
By: Limited Partnership (LP) Its:
By: Limited Partnership (LP) Its:
By: Limited Partnership (LP) Its:

Co-Developer Entity: Legal Status: Select Role:

Entity Name: Limited Partnership (LP)
By: Limited Partnership (LP) Its:
By: Limited Partnership (LP) Its:
By: Limited Partnership (LP) Its:
By: Limited Partnership (LP) Its:

Consultant Entity: Legal Status: Select Role:

Entity Name: Limited Partnership (LP)
By: Limited Partnership (LP) Its:
By: Limited Partnership (LP) Its:
By: Limited Partnership (LP) Its:
By: Limited Partnership (LP) Its:

Explain any direct or indirect relationship between any of the entities and/or their Affiliates listed above here. Attach a separate page if needed.
Page 14: Average Operating Expense Ratio Calculation for a Fifteen Year loan term:
Instructions: Enter the information requested for each of the yellow-shaded cells.
1st Full Year of Operations Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15
Gross Rent Revenues (less Rental Tax & Tenant Security Deposits) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Other Income to Project $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Equals: Total Operating Income $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Less: Vacancy & Bad Debt 0% $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Effective Gross Income $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

Less the following Direct Operating Expenses:

Wages & Salaries- On-Site Manager $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Wages & Salaries - Office and Administrative Staff $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Wages & Salaries - Maintenance Staff $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Property Management fees $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Accounting/Tax Preparation & filing fees $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Annual state filing/registry fees $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Tenant-related legal fees $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Marketing & Advertising $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
General Administrative Expenses limited to:
Software $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Administrative Cable, Internet & Telephone $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Travel $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Office supplies $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Bank Service Charges $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
ADOH training fees $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
ADOH Compliance Fees $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Utilities - Gas & Electric $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Utilities - Water & Sewer $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Utilities - Site-wide Wi-Fi Service $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Trash & Snow Removal $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Pest Control $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Repairs and Maintenance - Repairs $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Repairs and Maintenance - Supplies $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Property Real Estate Taxes $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Rental Tax $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Payroll Taxes $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Property Insurance $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Supportive Services (to extent permitted in QAP) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Total Direct Operating Expenses $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Equals Net Operating Income $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

Surplus Cash Flow Calculation:

Net Operating Income $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Less:
Primary Annual Debt Service
(paid in equal installments over the loan term) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Annual Replacement Reserve Contributions
(increasing 3% annually) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Deferred Developer Fee Principal
(paid in equal installments over 15 years) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

Reasonable Investor Asset Management Fee

(increase 3% annually) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Required Subordinate Arms-Length Debt Payment
(paid in equal installments over the term) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Total Below the Line Payments $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Equals Surplus Cash Flow $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

Surplus Cash Flow divided by Operating Expenes #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
DSCR (Adjusted for Reserves) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Average Cash Flow $ -

Divided by Average Total Operating Expenses $ -
Equals: Average Operating Expense Ratio #DIV/0!

Average DSCR #DIV/0!

 Arizona Department of Housing Form 3
Low Income Housing Tax Credit Program Page 18

2021 Insert at Tab 3

26) Bond Representation

C D E F G
Address: Street Contact Email
Contact Name Suite Contact Phone
Contact Firm City, State, Zip Contact Fax Entity Type Estimated Fees
Applicant Counsel Individual Limited Partnership
Corporation Liimted Liability Co
Other
Underwriter Individual Limited Partnership
Corporation Liimted Liability Co
Other
Underwriter's Counsel Individual Limited Partnership
Corporation Liimted Liability Co
Other
Bond Counsel Individual Limited Partnership
Corporation Liimted Liability Co
Other
Name of Guarantor Individual Limited Partnership
Corporation Liimted Liability Co
Other
Trustee Individual Limited Partnership
Corporation Liimted Liability Co
Other
Trustee's Counsel Individual Limited Partnership
Corporation Liimted Liability Co
Other
Issuer's Counsel Individual Limited Partnership
Corporation Liimted Liability Co
Other
Bank Counsel Individual Limited Partnership
Corporation Liimted Liability Co
Other
-

Estimated Fees for Revenue Bonds, Series in aggregate principal amount not to exceed (the "bonds").

Total Fees as Percentage of Bonds: #DIV/0!

 Arizona Department of Housing Form 3
Low Income Housing Tax Credit Program Page 19

2021 Insert at Tab 3

27) Aggregate Basis

Amount of Tax Exempt Bonds: $ -

Amount of Taxable Bonds: $ -

What percentage of the Tax-Exempt Bond financing will be used to fund the aggregate basis of the Building(s) and Land? 0.00%

28) Credit Enhancement

Will the permanent financing have any type of credit enhancement? Yes No

If any amount, rate, term, etc. listed on page 7 differs from the information contained in the financial documents, provide an
explanation below, or attach an explanation and amortization tables.
Example: Determination of Seller Carryback Note

Original Purchase Price $100,000

Carrying Cost
Original Purchase Financing Cost:
Origination Fee $1,000
Interest $27,500
Appraisal $3,000
Environment $3,000
Title / Recording $2,500
Legal $15,000

Carrying Costs:
Insurance $18,000
Property Taxes $15,000
Maintenance $55,000
Total Carrying Cost: $140,000

Original Purchase Price $100,000

Total Carrying Cost: $140,000
Total Cost $240,000
less Current Market Value: $305,000.00
Est. Seller Carryback Note $65,000.00