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: $$260,000($$$200,000$ for building, $$60,000$ for land$)$

Construction costs: $$2,000,000$

Soft Costs & Developer Fees: $$480,000$

$($all eligible for LIHTCs$)$

$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

TOTAL $$2,740,000$

A bank will provide a $$200,000$ senior, permanent loan. The state will provide subordinate, tax$-$exempt bond financing of $$800,000($assume this bond financing is bad money for the purposes of calculating the basis$).$ Use the nominal $9\%$ and $4\%$ rates for rehab and acquisition credits. The price for LIHTCs is $$0\mathrm{.}77$ 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?