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C. APPLICATION MATERIALS The Qualified Contract Notification Letter must be submitted along with the following materials from the owner: 1. A thorough narrative description of the development, including all amenities, suitable for familiarizing prospective purchasers with the development. 2. A description of all income, rental and other restrictions, if any, applicable to the operation of the development. 3. A detailed set of photographs of the development, including the interior and exterior of representative apartment units and buildings, and the development grounds. Digital photographs should be included so that they may be easily displayed on MHFA's website. 4. A copy of the most recent 12 months of operating statements for the development which will fairly apprise a potential purchaser of the development's operating expenses, debt service, gross receipts, net cash flow and debt service coverage ratio. If available, 3 -years of audited financial statements. 5. A current rent -roll. 6. All years of tax returns for the Partnership. 7. A copy of the development Limited Partnership Agreement; 8. Disclosure of Rights of First Refusal, if any. 9. If any portion of the land or improvements are leased, copies of the leases. 10. A physical needs assessment. 11. A fully completed "Calculation of Qualified Contract" Price (form QC -1), including Worksheets A — E (see Section D, below for a brief description of these worksheets), along with copies of the documents and other information used to support the Qualified Contract Price. This form must be completed and certified by a Certified Public Accountant. 12. A Qualified Contract processing fee of $5,000. D. CALCULATION OF QUALIFIED CONTRACT PRICE WORKBOOK Form QC -1 contains accompanying worksheets A -E, as described below: Worksheet A: Outstanding Indebtedness, a summary of all outstanding secured indebtedness on the low - income building(s). Worksheet B: Calculation of Adjusted Investor Equity in the low - income building(s), by year. Worksheet C: Other Capital Contributions made by the investor in the low - income portion of the building(s). These are contributions that are not included in other calculations, specifically in the "Outstanding Indebtedness" or "Adjusted Investor Equity" worksheets. Housing Tax Credit Program 5 Qualified Contract Process Guide (rev.12 /05)