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Worksheet D: Cash Distributions from, or available from the development, by year. This calculation also includes a reporting of the cash held in Reserve Accounts and Partnership Accounts. Also included here are non -cash distributions that have been made by the owner. These non -cash distributions will not be applied to reduce the "qualified contract price" but must be reported. Worksheet E: Fair Market Value on Non - Low - Income Portion of the Building(s). This worksheet requires an appraisal, study or methodology proof or other support used to establish the market value of the non -low- income portions of the building(s). E. REVIEW PROCESS 1. Upon receipt of the owner's Notification Letter and Application Materials, MHFA will have 60 days to review the owners' packet of due diligence materials for completeness. MHFA will send owner a letter acknowledging that all notification requirements have been met. 2. After MHFA has received all required documentation, MHFA will have 60 days to validate the Qualified Contract Price (QCP) proposed by the Owner. This will require staff and the owner to work closely together to ensure that an appropriate QCP has been set. 3. Once the QCP has been approved, MHFA will notify the owner that the one- year period to find a prospective buyer for the development has begun. 4. During the one -year period MHFA will advertise the property in good faith. MHFA's process to identify an interested purchaser may include, but not be limited to: (a) Post the property information on MHFA website. (b) Put together an informational flyer and send to a pre - established mailing list. This list will include owners of tax credit properties; contacts at large management companies; other public funding agencies in the state; local, state and nation -wide nonprofit and for profit owners interested in preserving housing; and tax credit investor contacts. (c) Present information on the property(s) to regional development groups, preservation groups and other stakeholder meetings we attend (add to the agenda). Housing Tax Credit Program 6 Qualified Contract Process Guide (rev.12 /05)