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TAX CREDIT CALCULATION
<br />The Crossroads at Washington - Updated Closing Proforma (07)
<br />Related Companies of California
<br />Total Project Cost
<br />$52,950,103
<br />Total Permanent Sources
<br />(28,253,710)
<br />Funding Shortfall
<br />$24,696,393
<br />Total Qualified Basis
<br />- $29,829,544
<br />Annual Federal Credits - Calculated
<br />$2,684,659
<br />Annual Federal Credits - Awarded
<br />$2,684,659
<br />Total Federal Credits (10 Years)
<br />$26,846,590
<br />Federal Tax Credit Price -
<br />$0,920
<br />Federal Tax Credit Investor Equity
<br />$24,696,393
<br />Total Tax Credit Investor Equity (Federal + State+ Acquisition)
<br />$24,696,393
<br />Threshold Basis Limits (Year2022) 9%Limits
<br />Units
<br />Limit
<br />Total
<br />Efficiency
<br />16
<br />308,882
<br />4,942,112
<br />1 Bedroom
<br />26
<br />356,138 -
<br />9,259,588
<br />2 Bedrooms
<br />22
<br />429,600
<br />9,451,200
<br />3 Bedrooms
<br />17
<br />549,888
<br />9,348,096
<br />4 Bedrooms
<br />5
<br />612,610
<br />3,063,050
<br />86
<br />36,064,046
<br />Special Features Threshold Basis Limit Increases
<br />10% Increase: 95% of the projects upper floor units are serviced by an elevator
<br />3,606,405
<br />20%Increase: State or Federal Prevailing Wage Requirement
<br />7,212,809
<br />Total Percentage Increase to Unadjusted Eligible Basis (Combined not to exceed 39%)
<br />10,819,214
<br />Seismic Upgrading or Environmental Mitigation (15% unadj. eligible basis max.)
<br />819,960
<br />Development Impact Fees
<br />1,449,087
<br />Adjusted Threshold Basis Limit
<br />$49,152,306
<br />Total Eligible Basis
<br />$42,467,590
<br />Over 1(Under) Basis Limit
<br />($6,684,716)
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