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TAX CREDIT CALCULATION
<br />The Crossroads at Washington - Updated Closing Proforma (v07)
<br />Related Companies of California
<br />Total Project Cost
<br />$52,950,103
<br />Total Permanent Sources
<br />(28,253710)
<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 t State+ Acquisition)
<br />$24,696,393
<br />Threshold Basis Limits (Year 2022) 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 project's upper floor units are serviced by an elevator - 3,606,405
<br />20% Increase: State or Federal Prevailing Wage Requirement 7,212,809
<br />Total Percentage Increase to Unadjusted Eligible Basis (Combined not to exceed 39%) 10,819,214
<br />Seismic Upgrading or Environmental Mitigation (15% unadj. eligible basis max.) 819,960
<br />Development Impact Fees 1,449,p87
<br />Adjusted Threshold Basis Limit $49,152,306
<br />Total Eligible Basis $42,467,590
<br />Over l(Under) Basis Limit ($6,684,716)
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