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02/0211994 17:3B 612-336-4565 MSP PAGE 09 <br /> ASSUMPTIONS <br /> DATE 24-Jan-94 <br /> PROJECT NAME MOUNDSVIEW/SENIOR <br /> NUMBER OF UNITS 80 <br /> YEAR 1 1995 <br /> OCCUPANCY 95.00% <br /> RENTAL INFLATION 3.00% <br /> EXPENSE INFLATION 4.00% <br /> TAXES UNIT <br /> $1,500 <br /> OPERATING EXPENSE/UNIT $1,950 <br /> ANNUAL RESERVE/UNIT $150 <br /> RESERVE-INTEREST 3.5% -- - - <br /> APPLICABLE ANNUAL RATE 8.36% <br /> % OF BLDG QUALIFYING 73 .00% <br /> 1. USES <br /> LAND $160,000 <br /> HARD COSTS $3,407,000 <br /> SOFT COSTS $1, 003,000 • <br /> • RESERVES $100,000 <br /> ._-- <br /> TOTAL USES $4,670,000 <br /> 2. SOURCES <br /> mmiu sscliaZ'mm <br /> MORTGAGE LOAN FINANCING $2,920,000 <br /> TAX CREDIT PROCEEDS $1,750,000 <br /> TOTAL SOURCES $4,670,000 <br /> aiiiii���= <br /> 3. ' TAX CREDITS <br /> immumummasmakmmumpwmms <br /> YEARS 1-10 <br /> % OF BUILDING COST QUALIFYING 73.00% <br /> APPLICABLE ANNUAL RATE 8.36% <br /> TOTAL ELIGIBLE COSTS $4, 131,000 <br /> TOTAL QUALIFYING COSTS $3,015,000 <br /> ANNUAL CREDIT AMOUNT $ 252,100 <br />