Resonant Proforma v2.5

1 site· 5 slots available

Final Tie Breaker Formula

Soft × Size Factor

Total Res. Cost

+ (( 1 −

Req. UEB

Total Res. Cost

) / 2 ) + Bonus

Final Tie Breaker Calculation

5,589,161

33,368,734

+ (( 1 −

29,756,606

33,368,734

) / 2 ) + Bonus

Soft / TDC

16.750%

(1 − UEB / TDC) / 2

5.412%

Bonus

—

Final TB

22.162%

TB Gaming Knobs

Δ vs Baseline

+0.00pp

now 22.16% vs base 22.16%

Voluntary Basis Exclusion % - Construction

0%50.0%

Voluntary Basis Exclusion % - Acquisition

0%100.0%

Hard Cost / Unit (rehab)

$20,000$200,000

Floor $40,500/unit (§10325(f)(10); binding prong: 20% of adjusted basis).

Purchase Price (deal-level, pro-rated)

$1,000,000$30,000,000

Reducing PP shrinks the TDC denominator, and UEB too unless the acquisition exclusion is at 100%.

Addt'l Soft Debt

Fee Waivers

Donated Land

Freeze TB at target — solver adjusts the opposite variable

Freeze-Target

Go Floor

Stretch Ceiling

Capitalized Value of Rent Differentials — Calculation

* Rent Limit Underwriting: 40% AMI default for all non-Special Needs projects (§10325(g)(3)(A)). Use 40% AMI for ALL OTHERS.

** Contract Rent Underwriting: Net HAP = gross contract rent − utility allowance. For USDA subsidy only, use higher of 60% AMI or committed basic contract rents.

TCAC Rent Limits — Fresno County, 2026

AMI %	Studio	1 BR	2 BR	3 BR	4 BR	5 BR
100%	1,700	1,821	2,185	2,525	2,817	3,108
80%	1,360	1,456	1,748	2,020	2,253	2,486
60%	1,020	1,092	1,311	1,515	1,690	1,864
55%	935	1,001	1,201	1,388	1,549	1,709
50%	850	910	1,092	1,262	1,408	1,554
45%	765	819	983	1,136	1,267	1,398
40%	680	728	874	1,010	1,126	1,243
35%	595	637	764	883	985	1,087
30%	510	546	655	757	845	932

S&U Balance

Balanced

DDF

$1,523,634

Paid DF

$509,857

GP Equity

Mixed Use(§10325(c)(9))

—

Fed TC Equity

$15,748,000

State TC Equity

$4,897,000

Perm Loan

$11,050,000

Resource Area Bonus

County has no TCAC NC
Lg-Family awards 5 yrs
(§10325(c)(9)(D))Rural 5pp bump
(no TC awards 5 yrs)
(§10325(c)(9)(D))

Size Factor Calculation

9% Tax Credit Units	79
4% Tax Credit Units	0
Total Tax Credit Units	79
Size Factor	1.00

Unit Type × Rent Limit × Contract Rent (Net HAP)

Unit Type	# of Units	Rent Limit (40% AMI)	Annual Rent
Studio	0	$680	$0
1 bedroom	13	$728	$52,512
2 bedroom	54	$874	$325,920
3 bedroom	12	$1,010	$110,880
4 bedroom	0	$1,126	$0
5 bedroom	0	$1,243	$0
Annual Rent Differential for Public Rent Subsidies			$489,312

Leveraged Soft Financing

Line Items Total: —

No soft financing. Add USDA, NPLH, A1, City, donated land, fee waivers, etc.

Underwriting Parameters(§10325(c)(9)(A)(i) standards, as priced)

Und. AMI %

40%

DCR

1.15

Loan Term (yr)

Vacancy %

Int. Rate %

4.00%

Leveraged Soft Financing

Capitalized Value of Rent Differentials	5,589,161
Donated land value	0
Fee waivers	0

Total Leveraged Soft

5,589,161

Tiebreaker Formula

Total Leveraged Soft	5,589,161
÷ Total Residential Cost	33,368,734
× Size Factor × (1 − Comm)	1.000
= Leverage Term	16.75%
+ Basis Term	5.41%
+ Resource / Rural Bonus	—

= Final Tiebreaker %

22.162%

Capitalized Value Formula (PV Annuity, TCAC §10325(c)(9)(A)(i))r = 4.00% · n = 15 yr · vac = 5% · DCR = 1.15

Annual Diff 489,312× (1−vac) →Net 464,846÷ DCR →DS Avail 404,214× PV (135.19) →Cap Value 4,553,883engine: 5,589,161

TB Phase Heatmap — Two-Lever Sweet Corner

Floor:

Colour = TB% against the pool's own award history (red → amber → green). Hatched cells = infeasible (Paid DF below $700,000). Colour tells you whether a cell wins; the numbers rank the cells.

Additional Soft Debt (added) ↑ Construction Vol. Excl. % →	0%	4%	8%	13%	17%	21%	25%	29%	33%	38%	42%	46%	50%
5.0M	38	38	39	40	41	42	42	43	44	45	46	46	47
4.5M	36	37	38	38	39	40	41	42	42	43	44	45	46
4.0M	34	35	36	37	38	38	39	40	41	42	43	43	44
3.5M	33	34	35	35	36	37	38	39	39	40	41	42	43
3.0M	31	32	33	34	35	35	36	37	38	39	40	40	41
2.5M	30	31	31	32	33	34	35	36	36	37	38	39	40
2.0M	28	29	30	31	32	32	33	34	35	36	36	37	38
1.5M	27	28	28	29	30	31	32	32	33	34	35	36	37
1.0M	25	26	27	28	28	29	30	31	32	33	33	34	35
0.5M	24	24	25	26	27	28	29	29	30	31	32	33	34
0.0M	22	23	24	25	25	26	27	28	29	30	30	31	32

Winning TB in this pool: At-Risk set-aside · 2022-2026 · n=21 across 8 roundsp10 15.0%→p50 26.5%→p90 36.8%· Hatched = Paid DF below floor (infeasible)· Ringed cell = where this deal is now

Colour is absolute against what actually won in this pool, not against this chart, so the same colour means the same thing on any deck's map. The median winner sat at 26.5%. This deck spans 22.2% to 47.3%. An axis marked added sweeps an amount ON TOP OF what this deal already carries, so its zero column is the deal as underwritten today and not a deal without that source.

TB Waveforms — Lever Response Curves

DF Floor:

Historical Band:

Each waveform: TB% (green) and Paid DF (amber) as the lever sweeps across its range. Red bar shows where Paid DF drops below $700,000 floor. Dashed horizontal lines: historical p10 / p50 / p90 winning TB for the selected set-aside. Dot marks current deal value.

ONE LEVER AT A TIME. Every other lever is frozen at its current value, so these are partial derivatives. Two levers each worth +3pp do not add to +6pp, because moving one changes the base the other works against.

EVERY POINT IS A REAL SOLVE. The engine re-converges the whole deal at each step, so a kink is a constraint starting or stopping binding, not noise. Read the corners.

THE DASHED LINES ARE HISTORY, NOT A TARGET. They are what actually won in this pool. They are not a threshold, and in the thinner pools they are not a floor at all: awards there have cleared below p10.

ADDITIONAL SOFT DEBT AND DONATED LAND SWEEP AN INCREMENT. Their axis is an amount added ON TOP OF what this deal already carries, so the dot always reads zero. Zero there means "as underwritten today", never "this deal has none".

At-Risk set-aside · 2022-2026 · n=21 across 8 rounds Lowest in this window (10.975%). Not an all-time low unless the full window is selected.

Construction Voluntary Excl. % (L36)

Applied AFTER subtotal × (1 − %). Each 5% trades ~1.3pp TB for ~$150K paid DF.

Current: 0.0%TB: 22.16%Paid DF: $510K

Acq. Basis Exclusion % (L38)

Applied UPSTREAM at line level. 100% = max TB, losing full acq basis.

Current: 0.0%TB: 22.16%Paid DF: $510K

Additional Soft Debt (on top of current)

Committed soft loan added to LSR + subordinate mortgages. ~+6pp per $1M.

Current: 0KTB: 22.16%Paid DF: $510K

Donated Land (appraised)

Adds to BOTH LSR numerator and TDC denominator; net positive for TB.

Current: 0KTB: 22.16%Paid DF: $510K

Hard Cost / Unit (rehab)

Higher rehab = more construction basis = more credits, but also larger TDC denominator. TB monotonically drops; DF rises.

Current: 90KTB: 22.17%Paid DF: $510K

Total Purchase Price (negotiated)

Pure TB lever when acq exclusion is 100%: shrinks TDC without touching UEB. ~+6pp TB per $1M PP reduction on a $17M deal.

Current: 18.0MTB: 22.16%Paid DF: $510K