Multifamily LIHTC Property Program
(Low Income Housing Tax Credit)

New Construction Multifamily Documentation

Project Name, Project Location (Street Address, City, State, Zip) and a Narrative Summary of the transaction, type of facility, how project will be managed, whether leased or not, and requirements for state approval, if applicable.

• List Borrower, Borrowing Entity, and all principals, ownership percentage, and contact information.
• Organizational Documents of Borrowing Entity.
• Current Resumes of Borrower, Borrowing Entity, and all principals.
• Current Financial Statements of Borrower, Borrowing Entity, and all principals, including the most current two (2) years of Income Tax Returns.
• Plans and Specifications, including Site Plan, Typical Unit and Building layouts, showing beds/units, and typical Building Elevations and Evidence of permissive zoning and building approvals.
• Detailed Construction Cost Estimate, including the proposed draw schedule and time line, monthly and total.
• Evidence of Site Control (deed, purchase contract, option) and Evidence of Arms Length Transaction.
• Current Market Study with comparables.
• Appraisal Report, If available.
• Phase I Environmental Site Assessment, if available.
• Copy of Survey, Area location map, or maps.
• Color Photographs of property and the immediate area and aerial, if available.
• Purchase Contract, Closing Statements, Legal Description, and Title Report.
• Proforma Balance Sheets and Operating Statements, monthly to stabilization and then Annually based upon the Business Plan.
• Proforma Rent Roll (or other evidence of leasing status):  Breakout of units and rooms; Average square footage of units and rooms; average annual or monthly rental rate and Estimated current market rental rate
• List and conditions for supplemental grants, Low Income Housing Tax Credit Certificate, and/or others, if applicable.
• Credit Authorization Letters.
• Statement of all outstanding obligations on the project.
• Management Entity Profile and information about the management company and a Copy of Management Agreement, if applicable.  If owner managed, resumes of the owner’s management group.
• Business and Management Plan and Sample Lease.
• Commercial space is to be defined, if applicable, to show the estimated square footage and estimated percentage of total income to be derived from the space along with the type of leases, terms, etc..

Existing Multifamily Documentation

Demographic and market information on the subject’s competitive market area.

Description of the Property, including square footage, number and type of units, year built, and/or renovated, description of construction details, HVAC, and paving information, including total number of spaces, covered, and handicap spaces.

Description of the Borrower, Key Principal, and Property (Marketing) Manager including resume’ with real estate experience and financial capacity, current financial statements, most recent two (2) years of income tax returns, and credit reports.

Neighborhood map indicating location of the Subject Property and competitive properties. Copies of the site plan, building layout, and floor plans.

Color photographs (including aerial photograph, if available) of the property, surrounding area, building interior and exterior, and parking areas.

Property Operating Statements and Occupancy for the past two (2) calendar years, current year-to-date actual and remainder of the year budget, and the trailing 12-month statement.

Current Rent Roll (or other evidence of leasing status) to include Breakout of units and rooms; Average square footage of units and rooms; Occupancy of units; Current average annual or monthly rental rate; Estimated current market rental rate; Description of tenant mix

Schedule of all significant capital expenditures including costs incurred during the past two (2) years, and a detailed budget for the next twelve (12) months on the renovation and improvements to be completed, coordinated with a draw schedule.

 A Use of Proceeds Statement and a Proforma Cash Flow to include the estimated detail of all income, expenses, and allocated reserves on a monthly basis for the term of the loan request.  Such expenses should include estimated monthly interest payments and reserves.

Information on comparative properties including size (square footage, # of units), year built, distance from subject, rental rates, occupancy rates, and properties recently built.

Copies of recent appraisal, engineering and environmental reports, if available. (Do not order new reports.)

Date acquired (if refinancing), original purchase price, and capital improvement costs since acquisition. (If purchasing) a copy of the purchase contract.

List and conditions for supplemental grants, Low Income Housing Tax Credit Certificate, and/or others, if applicable.