The Successful Association for Revitalization and Development ( SARD ) wants to redevelop a building into affordable
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Question:
The Successful Association for Revitalization and Development SARD wants to redevelop a building into affordable rental housing.
The costs of the project are:
Property Acquisition: $$ for building, $ for land
Construction costs: $
Soft Costs & Developer Fees: $
all eligible for LIHTCs
TOTAL $
A bank will provide a $ senior, permanent loan. The state will provide subordinate, taxexempt bond financing of $assume this bond financing is bad money for the purposes of calculating the basis Use the nominal and rates for rehab and acquisition credits. The price for LIHTCs is $ per dollar of tax credit.
Assuming the project is not in a Difficult Development Area or a Qualified Census Tract, and receives no other special bonuses, how much can SARD raise in tax credit equity?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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