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| Description | Input | Total Project Cost | Residential Cost | Commercial Cost▼ | Ineligible Expense | 70% PVC for New Const/Rehab | 30% PVC for Acquisition | Total Eligible Basis |
|---|---|---|---|---|---|---|---|---|
Land Cost / Acquisition▼ | ||||||||
| Land Cost or Value | — | 1,800,000 | 1,800,000 | — | 1,800,000 | — | — | — |
| Demolition | — | — | — | — | — | — | — | — |
| Legal (Acquisition) | — | — | — | — | — | — | — | — |
| Land Lease Rent Prepayment | — | — | — | — | — | — | — | — |
| Existing Improvements | — | 16,200,000 | 16,200,000 | — | — | — | 16,200,000 | 16,200,000 |
| Off-Site Improvements | — | — | — | — | — | — | — | — |
| Predevelopment Interest/Holding Cost = acq bridge rate × amount × term/12 (IRC §266 election, when capitalized) | — | — | — | — | — | — | — | — |
| Assumed, Accrued Interest on Existing Debt | — | — | — | — | — | — | — | — |
| Excess Purchase Price Over Appraisal | — | — | — | — | — | — | — | — |
| Subtotal: Land Cost / Acquisition | 18,000,000 | 18,000,000 | — | 1,800,000 | — | 16,200,000 | 16,200,000 | |
Rehabilitation▼ | ||||||||
| Site Work | — | — | — | — | — | — | — | — |
| Structures (hard cost) | 0 | 7,200,000 | 7,200,000 | — | — | 7,200,000 | — | 7,200,000 |
| General Requirements | 6.00% | 432,000 | 432,000 | — | — | 432,000 | — | 432,000 |
| Contractor Overhead | 2.00% | 144,000 | 144,000 | — | — | 144,000 | — | 144,000 |
| Contractor Profit | 6.00% | 432,000 | 432,000 | — | — | 432,000 | — | 432,000 |
| Builder's Risk Insurance | — | — | — | — | — | — | — | — |
| General Liability Insurance = rate × (structures + GR + OH + Profit) | 0.75% | 61,560 | 61,560 | — | — | 61,560 | — | 61,560 |
| Third-party Construction Management | — | — | — | — | — | — | — | — |
| P&P Bonds = rate × (structures + GR + OH + Profit) | 1.14% | 93,161 | 93,161 | — | — | 93,161 | — | 93,161 |
| Subtotal: Rehabilitation | 8,362,721 | 8,362,721 | — | — | 8,362,721 | — | 8,362,721 | |
Relocation▼ | ||||||||
| Relocation | — | — | — | — | — | — | — | — |
| Subtotal: Relocation | — | — | — | — | — | — | — | |
New Construction(9 lines hidden)▶ | ||||||||
Architectural Fees▼ | ||||||||
| Design | — | — | — | — | — | — | — | — |
| Supervision | — | — | — | — | — | — | — | — |
| Subtotal: Architectural Fees | — | — | — | — | — | — | — | |
Survey & Engineering▼ | ||||||||
| Survey & Engineering | — | — | — | — | — | — | — | — |
| Subtotal: Survey & Engineering | — | — | — | — | — | — | — | |
Construction Interest▼ | ||||||||
| Construction Loan Interest | auto | 998,320 | 998,320 | — | 499,897 | 498,423 | — | 498,423 |
| Origination Fee ≈ rate × CL commitment (static in preset — edit to adjust) | — | — | — | — | — | — | — | — |
| Credit Enhancement/Application Fee | — | — | — | — | — | — | — | — |
| Bond Premium | — | — | — | — | — | — | — | — |
| Title & Recording (Construction) | — | — | — | — | — | — | — | — |
| Taxes (Construction) | — | — | — | — | — | — | — | — |
| Insurance (Construction) | — | — | — | — | — | — | — | — |
| Other: GP Construction Loan Interest | — | — | — | — | — | — | — | — |
| Lender Inspections & GP Loan Interest = $2,000/mo × construction months | 24,000 | 24,000 | 24,000 | — | 24,000 | — | — | — |
| Subtotal: Construction Interest | 1,022,320 | 1,022,320 | — | 523,897 | 498,423 | — | 498,423 | |
Permanent Financing▼ | ||||||||
| Loan Origination Fee = active exec origPermRate × perm loan | auto | 110,500 | 110,500 | — | 110,500 | — | — | — |
| Credit Enhancement/Application Fee (Perm) | — | — | — | — | — | — | — | — |
| Title & Recording (Perm) | — | — | — | — | — | — | — | — |
| Taxes (Perm) | — | — | — | — | — | — | — | — |
| Insurance (Perm) | — | — | — | — | — | — | — | — |
| Third-Party Reports | — | — | — | — | — | — | — | — |
| Upfront MIP = FHA MIP upfront rate × perm loan (FHA only) | auto | — | — | — | — | — | — | — |
| Subtotal: Permanent Financing | 110,500 | 110,500 | — | 110,500 | — | — | — | |
Legal Fees▼ | ||||||||
| Lender Legal Paid by Applicant | — | — | — | — | — | — | — | — |
| Financial Consulting, Application Preparation/Review | — | — | — | — | — | — | — | — |
| Entitlement Services, Building Permit Expediting | — | — | — | — | — | — | — | — |
| Tenant File Review Services | — | — | — | — | — | — | — | — |
| Sponsor Legal | — | — | — | — | — | — | — | — |
| Subtotal: Legal Fees | — | — | — | — | — | — | — | |
Reserves▼ | ||||||||
| Rent Reserves | — | — | — | — | — | — | — | — |
| Capitalized Rent Reserves | — | — | — | — | — | — | — | — |
| Required Capitalized Replacement Reserve = $/unit × units × 3 years (§10327(g)(2) minimum) | 84,000 | 84,000 | 84,000 | — | 84,000 | — | — | — |
| 3-Month Operating Reserve | — | — | — | — | — | — | — | — |
| Supportive Services Reserve | — | — | — | — | — | — | — | — |
| Subtotal: Reserves | 84,000 | 84,000 | — | 84,000 | — | — | — | |
Contingency▼ | ||||||||
| Construction Hard Cost Contingency (10%) = rate × (structures + GR + OH + Profit + GL Insurance) | 10.00% | 826,956 | 826,956 | — | — | 826,956 | — | 826,956 |
| Soft Cost Contingency | — | — | — | — | — | — | — | — |
| Other: (Specify) Contingency | — | — | — | — | — | — | — | — |
| Subtotal: Contingency | 826,956 | 826,956 | — | — | 826,956 | — | 826,956 | |
Other Project Costs▼ | ||||||||
| TCAC App/Allocation/Monitoring Fees = MIN(0.4% × 10yr fed credit, $100K) + $/unit × units + $2,500 | auto | 132,614 | 132,614 | — | 132,614 | — | — | — |
| Environmental Audit | — | — | — | — | — | — | — | — |
| Local Development Impact Fees | — | — | — | — | — | — | — | — |
| Permit Processing Fees | — | — | — | — | — | — | — | — |
| Capital Fees | — | — | — | — | — | — | — | — |
| Marketing | — | — | — | — | — | — | — | — |
| Furnishings | — | — | — | — | — | — | — | — |
| Cost Seg, HUD-2530s, Third-Party Reports | — | — | — | — | — | — | — | — |
| Accounting/Reimbursable | — | — | — | — | — | — | — | — |
| Appraisal Costs | — | — | — | — | — | — | — | — |
| Market Study | — | — | — | — | — | — | — | — |
| MGP Fee | — | — | — | — | — | — | — | — |
| Other: (Specify) #1 | — | — | — | — | — | — | — | — |
| Other: (Specify) #2 | — | — | — | — | — | — | — | — |
| GNMA Fee = $1,900 flat (FHA 221(d)(4) only) | auto | — | — | — | — | — | — | — |
| Working Capital Reserve | — | — | — | — | — | — | — | — |
| Other: Security Cameras, Wifi, Termite Treatment | — | — | — | — | — | — | — | — |
| Other: Earthquake Insurance, Tax/Insurance Escrow, FnMA Delivery Fee | — | — | — | — | — | — | — | — |
| Property Tax Escrow = monthly property tax × 3 months escrow | — | — | — | — | — | — | — | — |
| Insurance Escrow = monthly insurance × 3 months escrow | 24,000 | 24,000 | 24,000 | — | 24,000 | — | — | — |
| Fannie Mae Delivery Fee = 0.1% × perm loan, floor $7K ceiling $15K (Fannie only) | 11,050 | 11,050 | 11,050 | — | 11,050 | — | — | — |
| Subtotal: Other Project Costs | 167,664 | 167,664 | — | 167,664 | — | — | — | |
Developer Costs▼ | ||||||||
| Developer Overhead / Profit = simple: rate × basis; compound: r/(1-r) × basis | auto | 4,568,488 | 4,568,488 | — | — | 4,568,488 | — | 4,568,488 |
| Processing Agent | — | — | — | — | — | — | — | — |
| Broker Fees Paid to a Related Party | — | — | — | — | — | — | — | — |
| Construction Oversight by Developer | — | — | — | — | — | — | — | — |
| Other: (Specify) Developer | — | — | — | — | — | — | — | — |
| Subtotal: Developer Costs | 4,568,488 | 4,568,488 | — | — | 4,568,488 | — | 4,568,488 | |
| Total: Project Cost | 33,142,649 | 33,142,649 | — | 2,686,061 | 14,256,588 | 16,200,000 | 30,456,588 |
| Qualified Basis Calculation (Deal Total) | Construction | Acquisition | Total | |
|---|---|---|---|---|
| Total Eligible Basis | 13,251,582 | 16,505,024 | 29,756,606 | |
| Ineligible Amounts | ||||
| Subtract All Grant Proceeds Used to Finance Costs in Eligible Basis | — | — | — | |
| Subtract Non-Qualified Non-Recourse Financing | — | — | — | |
| Subtract Non-Qualifying Portion of Higher Quality Units | — | — | — | |
| Subtract Photovoltaic Credit (as applicable) | — | — | — | |
| Subtract Historic Credit (residential portion only) | — | — | — | |
| Subtract Ineligible Basis related to Excess Parking | — | — | — | |
| Subtract (specify other ineligible amounts) | — | — | — | |
| Total - Ineligible Amounts | 0 | 0 | 0 | |
| Total Eligible Basis Amount Voluntarily Excluded - % | 0.00% | 0.00% | — | |
| Total Eligible Basis Amount Voluntarily Excluded - $ | — | — | — | |
| Total - Unadjusted Eligible Basis | 13,251,582 | 16,505,024 | 29,756,606 | |
| High Cost Area Percentage | 100.00% | |||
| Total - Adjusted Eligible Basis | 13,251,582 | 16,505,024 | 29,756,606 | |
| Applicable Fraction | 100.00% | 100.00% | — | |
| Total - Qualified Basis | 13,251,582 | 16,505,024 | 29,756,606 | |
| Total - Credit Reduction | 0.00% | — | — | — |
| Total - Adjusted Qualified Basis, After Credit Reduction | 13,251,582 | 16,505,024 | 29,756,606 | |
| Determination of Federal Credit | ||||
| Applicable Credit Percentage | 9.00% | 4.00% | — | |
| Subtotal - Annual Federal Credit | 1,192,642 | 660,201 | 1,852,843 | |
| Total - Annual Federal Credit | 1,192,642 | 660,201 | 1,852,843 | |
| Total - Federal Credit | 11,926,424 | 6,602,010 | 18,528,433 | |
| Determination of State Credit | ||||
| State Credit Basis | 13,251,582 | 16,505,024 | — | |
| State Credit Factor Amount - % | 30.00% | 13.00% | — | |
| Total - Maximum State Credit | 3,975,475 | 2,145,653 | 6,121,128 |
| Threshold Basis Limit | ||||
| Fresno · 2026 · 9% tax credit | Units | Per Unit | Total | |
| 1 Bedroom | 13 | 372,718 | — | 4,845,334 |
| 2 Bedroom | 55 | 449,600 | — | 24,728,000 |
| 3 Bedroom | 12 | 575,488 | — | 6,905,856 |
| Total - Unadjusted Threshold Basis Limit | 80 | — | — | 36,479,190 |
| Adjustments that increase the limit, 10327(c)(5)(A) | Elect | Rate | Amount | |
| (a) Prevailing wages | 20.00% | — | — | |
| (a2) Project labor agreement or skilled and trained workforce | 5.00% | — | — | |
| (b) Parking beneath the residential units | 10.00% | — | — | |
| (c) Day care centre | 2.00% | — | — | |
| (d) 100% special needs | 2.00% | — | — | |
| (e) Energy efficiency features, all electric | 20.00% | — | — | |
| (f) Seismic or environmental remediation | — | — | — | |
| (g) Local development impact fees | — | — | ||
| (h) Elevator | 10.00% | — | — | |
| (i) Type I construction | 15.00% | — | — | |
| (j) Type III construction | 10.00% | — | — | |
| (k) Highest or High Resource area | 10.00% | — | — | |
| Total - Adjusted Threshold Basis Limit | — | — | — | 36,479,190 |
| High Cost Line - 130% of the adjusted limit, 10325(d) | — | 130.00% | — | 47,422,947 |
| Requested Unadjusted Eligible Basis | — | 81.6% | — | 29,756,606 |
| Headroom to the adjusted limit | — | — | — | 6,722,584 |
THRESHOLD BASIS LIMITUNDER THE LIMITrequested basis is inside the adjusted limit
Requested UEB29,756,606
Adjusted limit36,479,190
130% line47,422,947
Headroom6,722,584
% of adjusted81.6%
derivation and the eleven adjustments
| 13 x 1BR | 372,718 | 4,845,334 |
| 55 x 2BR | 449,600 | 24,728,000 |
| 12 x 3BR | 575,488 | 6,905,856 |
| Unadjusted limit | 36,479,190 | |
| (a) Prevailing wages | 20% | no prevailing-wage commitment is modelled; the LA builder creates no second mortgages, so the public-funding trigger is not present |
| (a2) Project labor agreement or skilled and trained workforce | 5% | not elected; rides on the prevailing-wage adjustment above |
| (b) Parking beneath the residential units | 10% | acquisition / rehabilitation, not new construction |
| (c) Day care centre | 2% | no day care centre |
| (d) 100% special needs | 2% | not a 100% special-needs project |
| (e) Energy efficiency features, all electric | 20% | not elected. NOTE: this one is AVAILABLE to an acq/rehab project. Only two of the eleven (B) sub-items are new-construction gated, and "all electric" is not one of them |
| (f) Seismic or environmental remediation | — | no documented seismic or toxic remediation cost |
| (g) Local development impact fees | — | no impact-fee documentation carried |
| (h) Elevator | 10% | building style is Non-Elevator. CAVEAT: the regulation tests whether at least 95% of the UPPER FLOOR units are serviced by an elevator; `buildingStyle` is a two-value proxy for that test, not the test itself |
| (i) Type I construction | 15% | UNVERIFIABLE from the deck: neither Site nor the LA spec carries a construction type or a year built. The 1970s wood-frame Type V reading exists only in a code comment on hard cost per unit |
| (j) Type III construction | 10% | same unverifiable construction type; mutually exclusive with Type I |
| (k) Highest or High Resource area | 10% | barred by TWO independent tests, and naming only the first would leave a reader thinking a cheaper county unlocks it. (i) the county 2BR limit is 449,600, above the 500,000 gate; (ii) the designation is "Low Resource", and the regulation requires Highest or High Resource. |
| Adjusted limit | 36,479,190 |
Voluntary Basis Exclusion§10325(c)(9)(C) tiebreaker lever
Construction Basis Excluded - %
%
Construction Basis Excluded - $
—
Acquisition Basis Excluded - %
%
Acquisition Basis Excluded - $
—
Trade-off: each excluded dollar forfeits ~55¢ equity to lower UEB and gain TB position.