04-14-1999 Council Agenda - Laserfiche WebLink

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Little Canada Leased Housing Associates, L.L.P. April 14, 1999 Page 2 October 1, 1997; (7) the Assignment and Assumption Agreement dated (8) a revised 15 -year proforma; (9) the Amended and Restated Agreement of Investor dated as of October 1, 1997; and (10) MHFA Form LIHC -8. as of October 1, 1997; Partnership of the Partnership Based upon our review of the relevant information, which includes the foregoing, we have determined that the housing credit dollar amount to be generated by renting 65 percent of the Project units to individuals or families whose income is 60 percent or less of the area median gross income (including adjustments for family size) as determined in accordance with Section 42 of the Internal Revenue Code of 1986, as amended (the "Code ") does not exceed the amount necessary for the financial feasibility of the Project and its viability as a qualified low- income housing project throughout the ten- (10 -) year period commencing with the placement of the Project into service by the Partnership. Nothing contained herein shall be deemed to be nor shall constitute a warranty or guaranty to you or any other person or entity: (i) that the Project will be owned or operated in such a manner to generate the low- income housing tax credit, (ii) as to the financial feasibility or continuing viability of the Project, or (iii) concerning any other aspect of the low- income housing tax credit allowed pursuant to Section 42 of the Code. Sincerely, Joel R. Hanson City Administrator JRH:kpp Page 35