Georgia Department of Community Affairs

2010 Funding Application

Office of Affordable Housing

PART FOUR - USES OF FUNDS - 2010-032 Magnolia Trace, , Columbia County CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS I. DEVELOPMENT BUDGET TOTAL COST PRE-DEVELOPMENT COSTS Property Appraisal Market Study Environmental Report(s) Soil Borings Boundary and Topographical Survey Zoning/Site Plan Fees Other: MAP Review Other: 3rd Party Plan and Spec Review Other: <Enter detailed description here; use Comments section if needed> Subtotal ACQUISITION Land Demolition Acquisition Legal Fees (if existing structures) Existing Structures Subtotal SITE IMPROVEMENTS Site Preparation (On-site) Site Preparation (Off-site) Subtotal UNIT/BUILDING CONSTRUCTION* Unit/Building Construction/New Construction Unit/Building Construction/Rehab Project Amenities / Accessory Buildings Other: <Enter detailed description here; use Comments section if needed> Construction Contingency Subtotal 14.00% 827,526 CONTRACTOR SERVICES 6.00% 354,654 Builder Profit: 8.00% 472,872 General Requirements* & Builder Overhead Payment and Performance bonds Letter-of-Credit fee or premium Subtotal *Gen'l Rqmts must not include water tap & sewer fees. 134,768.59 per unit Total Construction Costs 6,738,429.51 96.54 per sq ft 3,000 6,000 8,000 8,500 15,000 10,000 13,500 64,000 675,000 New Construction Basis 3,000 6,000 8,000 8,500 15,000 10,000 13,500 64,000 ACQUISITION 675,000 Acquisition Basis Rehabilitation Basis Amortizable or Non-Depreciable Basis

PRE-DEVELOPMENT COSTS

675,000 1,200,000 1,200,000 4,710,904 1,150,000 1,150,000 4,710,904

SITE IMPROVEMENTS UNIT/BUILDING CONSTRUCTION*

675,000 50,000 50,000

336,922 5,047,826 354,654 407,872 65,000 827,526

336,922 5,047,826 354,654 407,872 65,000 827,526

CONTRACTOR SERVICES

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Georgia Department of Community Affairs

2010 Funding Application

Office of Affordable Housing

PART FOUR - USES OF FUNDS - 2010-032 Magnolia Trace, , Columbia County CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS I. DEVELOPMENT BUDGET TOTAL COST CONSTRUCTION PERIOD FINANCING Construction Loan Fee Construction Loan Interest Construction Legal Fees Construction Period Real Estate Tax Construction Insurance Bridge Loan Fee and Bridge Loan Interest Other: <Enter detailed description here; use Comments section if needed> Subtotal PROFESSIONAL SERVICES Architectural Fee - Design Architectural Fee - Supervision Engineering Real Estate Attorney Accounting Other: <Enter detailed description here; use Comments section if needed> Subtotal LOCAL GOVERNMENT FEES Building Permits Impact Fees Water Tap Fees Sewer Tap Fees 98,894 333,270 52,000 2,000 20,000 New Construction Basis 98,894 333,270 52,000 2,000 20,000 Acquisition Basis Rehabilitation Basis Amortizable or Non-Depreciable Basis

CONSTRUCTION PERIOD FINANCING

506,164 100,000 25,000 55,000 15,700 15,000 210,700 6,462

506,164 100,000 25,000 55,000

PROFESSIONAL SERVICES

15,700 15,000 195,000 6,462 20,176 39,718 66,356 LOCAL GOVERNMENT FEES 15,700

waived? waived?

No No Subtotal

20,176 39,718 66,356

PERMANENT FINANCING FEES Permanent Loan Fees Permanent Loan Legal Fees Title and Recording Fees As-Built Survey Bond Issuance Premium Cost of Issuance / Underwriter's Discount Other: <Enter detailed description here; use Comments section if needed> Subtotal

PERMANENT FINANCING FEES

18,000 5,000

18,000 5,000

23,000

23,000

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Georgia Department of Community Affairs

2010 Funding Application

Office of Affordable Housing

PART FOUR - USES OF FUNDS - 2010-032 Magnolia Trace, , Columbia County CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS I. DEVELOPMENT BUDGET TOTAL COST DCA-RELATED COSTS DCA HOME Loan Pre-Application Fee Tax Credit Application Fee DCA Waiver Fees 74,609 LIHTC Allocation Processing Fee 35,000 LIHTC Compliance Monitoring Fee DCA Front End Analysis Fee (HOME, when ID of Interest) DCA Final Inspection Fee Other: <Enter detailed description here; use Comments section if needed> Other: <Enter detailed description here; use Comments section if needed> Subtotal EQUITY COSTS Partnership Organization Fees Tax Credit Legal Opinion Syndicator Legal Fees Other: <Enter detailed description here; use Comments section if needed> Subtotal DEVELOPER'S FEE Developer's Overhead Consultant's Fee Developer's Profit Subtotal START-UP AND RESERVES Marketing Rent-Up Reserves Operating Deficit Reserve: Replacement Reserve Furniture, Fixtures and Equipment Other: <Enter detailed description here; use Comments section if needed> Subtotal OTHER COSTS Relocation Other: <Enter detailed description here; use Comments section if needed> Subtotal TOTAL DEVELOPMENT COST Total Per Unit Cost Limitation: 10,156,090 TDC Per Unit: New Construction Basis Acquisition Basis Rehabilitation Basis Amortizable or Non-Depreciable Basis 4,000 74,609 35,000 2,700 3,000 119,309 EQUITY COSTS 2,500 2,500

DCA-RELATED COSTS

4,000 74,609 35,000 3,000 116,609

2,500 DEVELOPER'S FEE 17,000 356,986 815,967 1,189,953 15,000 56,000 112,000 40,000 223,000 40,000 40,000 OTHER COSTS 145.45 17,000 356,986 815,967 1,189,953

2,500

START-UP AND RESERVES

15,000 112,000 56,000 183,000

10,152,634 203,052.67

9,109,825 TDC Per Sq Ft:

1,045,509

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