DEVELOPMENT NAME: / FILE NUMBER:
Provide the requested information and documents. Check each box to indicate that the document is included in this Cost Certification packet. If unable to provide a document or an item is not applicable, provide a page behind its appropriate item tab to explain why the document was omitted.
Tab / Exhibits1 / Exhibit 1. Cost Certification Requirements List
2 / Exhibit 2A. Copy of Carryover Allocation Agreement/Determination Notice
Did the Development Owner lock the applicable percentage rate? Yes No If “Yes” An executed copy of Carryover Allocation Form is provided under Exhibit 2A OR
Copy of executed Election Statement for Developments funded with mortgage revenue bond proceeds.
Exhibit 2B. Owner’s Statement of Certification w/ original signature and required notarization
3 / Exhibit 3A. Owner Summary with attached organizational chart(s)
Exhibit 3B. Copy of (all that apply)
Formal request for TDHCA approval of the Development Owner name change;
A legal opinion which states the Development Owner name change does not and will not involve a change in the:
a. Ownership of the subject tax credit property or the tax identification number of the ownership;
b. General partnership structure; or
c. Limited partnership structure.
For all new organizations in the ownership structure:
Organizational documents;
Financial Statements and Credit Release Authorization; and
Previous Participation Certification.
Exhibit 3C. Evidence of Nonprofit and CHDO Participation. For projects that received an allocation from the Non Profit Set-Aside, attach proof of the entity’s nonprofit status AND:
A statement indicating Exhibit 14. Limited Partnership Agreement clearly identifies the nonprofit as the Managing General Partner OR
A partnership/joint venture agreement is attached which outlines the nonprofit’s material participation
Exhibit 3D. Evidence of Historically Underutilized Business (HUB) Participation. If a HUB participates in the ownership of the development, attach current HUB Certificate.
4 / Exhibit 4. Development Team. FORM MUST DESCRIBE ALL ENTITIES TO WHICH PAYMENTS WERE MADE. If an entity is identified as a HUB, attach a current HUB Certificate in the entity’s name.
5 / Exhibit 5A. Development Summary with Architect’s Certification.
Exhibit 5B. If applicable, copy of Department Letter accepting changes to the development
6 / Exhibit 6. As-Built Survey of the development prepared and signed by an accredited surveyor. Survey must indicate the total site acreage and the location of each building.
Each building must be labeled with each of the following items:
Building Identification Numbers (BIN) assigned by the Department,
Residential Building Numbers, and
Unit Numbers within the building.
Currently or at application, was the site located in a FEMA floodplain other than “C” or “Unshaded X?” Yes No
If “Yes,” survey must identify final floodplain levels for buildings and drives.
7 / Exhibit 7. Copy of the Closing Statement(s) for the transfer of the subject property.
TDHCA File #:
Exhibit 8B. Does the Title Policy list the LURA? Yes No
If “No,” a Nothing Further Certificate, Downdate Endorsement, or Abstractor’s Certificate listing all liens and judgments through the recorded date of the LURA must also be submitted
Exhibit 8C. Are there any Liens or Judgements (besides those associated with construction or permanent financing) excluded from coverage under the title policy, nothing further statement, downdate endorsement, or abstractor’s certificate? Yes No
If “Yes,” include a copy of the recorded Release of Lien or Judgment or documentation of adequate payment or performance bond for each lien or judgement.
9 / Exhibit 9A. Placement in Service
Exhibit 9B. Individual Building Description.
Exhibit 9C.
New Construction Developments must submit Certificate(s) of Occupancy (CO) from the local governmental authority. If temporary COs are utilized for this exhibit, then they must be accompanied by a letter from the governmental authority which states the buildings were ready for occupancy upon the date indicated in the temporary CO.
TX-USDA-RHS Financed New Construction Developments may submit Certificate(s) of Occupancy OR a full copy of the executed TX-USDA-RHS Final Inspection Report.
Rehabilitation Developments must submit Certificate(s) of Occupancy OR Architect’s Certification of Completion Date and Date Ready for Occupancy
Exhibit 9D. Acquisition/Rehabilitation Placement in Service Election. All acquisition/rehabilitation developments must complete this form. The exhibit must be signed by an auditor.
Exhibit 9E. Maximum Additional Allocation. (For 2004 and 2005 Annual Allocation and Forward Commitments Only)
10 / Exhibit 10A. Independent Auditor’s Report. All developments must complete this form. The exhibit must be signed by an auditor.
Exhibit 10B. Independent Auditor’s Report of Bond Financing. Only developments funded with mortgage revenue bond proceeds must complete this form. The exhibit must be signed by an auditor.
Exhibit 10C. Total Development Cost Schedule. Does the calculated eligible basis include costs normally considered ineligible for tax credit purposes (costs entered in cells shaded gray)? Yes No
If “Yes,” attach support for the inclusion of the cost in eligible basis in the form of
statement, signed by auditor OR
signed legal opinion
Exhibit 10D. Application and Certificate for Payment. AIA Form G702 or other such documents detailing the costs of the development that have been signed by the architect and provided to the lender for draw purposes.
11 / Exhibit 11A. Rent Schedule. Are the tenant paid rents lower or higher than the program maximums? Yes No
If “Yes,” attach required support documentation
Exhibit 11B. Utility Allowances with support documentation attached
<IDENTIFY Support Documentation>
Exhibit 11C. Annual Operating Expenses
Exhibit 11D. 30-Year Pro Forma. Does the proforma reflect growth at a rate other than 3% for income and 4% for expenses and/or does the proforma deviate from straight-line growth? Yes No
If “Yes,” attach written explanation for deviation
12 / Exhibit 12A. Current Annual Operating Statement with detailed breakdown of operating expenses
Exhibit 12B. Current Rent Roll
13 / Exhibit 13A. Sources of Funds for all permanent financing
Exhibit 13B. Financing Narrative
TDHCA File #:
Limited Partnership Agreement clearly stated terms for purchase of additional tax credits OR
Firm Commitment with terms to purchase additional tax credits is attached
15 / Exhibit 15. For each permanent financing source, provide copy of
Loan Agreement AND Promissory Note for closed loans OR
Firm Commitment Letter with terms for loans that have not closed
16 / Exhibit 16. Architect’s Certification of Fair Housing requirements must be signed by architect.
17 / Exhibit 17A. Copy of the TDHCA Compliance Workshop Certificate.
If individual who attended the compliance training workshop is not the Development Owner, also submit:
Exhibit 17B. Project Development Owner’s Assignment of Individual to Compliance Training Form.
18 / Exhibit 18. LURA, copy must be of fully executed and recorded document.
19 / Exhibit 19. TDHCA Final Inspection Clearance Letter or TX-USDA-RHS Final Inspection, if the development was financed under TX-USDA-RHS.
20 / Exhibit 20. Other documents deemed relevant to Cost Certification of the development may be attached under additional numbered tabs or bound separately. This should include any pending conditions of the original award that have not been addressed in other parts of the cost certification.
Cost Certification (Effective November 2006) EXHIBIT 1
Real Estate Analysis, TDHCA Cost Certification Requirements List
EXHIBIT 2B: DEVELOPMENT OWNER’S STATEMENT OF CERTIFICATIONDEVELOPMENT NAME: / FILE NUMBER:
To the best of my knowledge, no information contained within this Cost Certification packet is in any way false or incorrect, and the information contained within these pages is truly descriptive of the Development or property for which the Housing Tax Credits are being requested.
By my signature below, I also acknowledge that the total development cost, eligible basis amounts and any other information contained in the Cost Certification packet exhibits which may affect the amount of tax credits issued by the IRS Forms 8609 are final. As such, the amount of tax credits to be issued will be based on this documentation and will not be subject to revision.
To facilitate the issuance of the IRS Forms 8609, I will provide additional information, detailed accounting records, documents, and receipts at the request of the Department.
Development Owner NameBy:
Authorized Signature
Name:
Title:
Date:
I, the undersigned, a Notary Public in and for <County Name>, in <State>, hereby certify that <Representative Name>, whose name is signed to the foregoing conveyance, acknowledged before me on this date, being informed of such document, s/he as officer and with full authority, executed said conveyance voluntarily on the day the same bears date. Given under my hand, official seal this day of , .
Notary Public Signature / Commission Expires:Name:
NOTE: All resubmitted exhibits must include any signature required by instructions for the exhibit as well as an original Development Owner signature and date. Resubmitted Exhibits 9A, 9B, 9C, and 10C also must be signed by the independent auditor that prepared and signed Exhibits 10A or 10B. Signature by the independent auditor indicates changes in the resubmitted exhibits do not affect the conclusions in Exhibit 10A or 10B.
Cost Certification (Effective November 2006) EXHIBIT 1C
Real Estate Analysis, TDHCA Development Owner’s Statement of Certification
EXHIBIT 3A: OWNER SUMMARYDEVELOPMENT NAME: / FILE NUMBER:
Development Owner Name: / Tax ID Number:
Development Owner Contact: / Cost Cert Contact:
Address: / Address:
City: / St: / Zip: / City: / St: / Zip:
Phone: / () / Fax: / () / Phone: / () / Fax: / ()
Email: / Email:
Development Changes:
A. Has the development name changed from that indicated at Application?
If, No, nothing further is needed.
If Yes, identify the development name at Application: .
B. Has the Development Owner name changed from that indicated at Application?
If Yes,
Identify the Development Owner name at Application: ;
Submit a formal request for TDHCA approval of the Development Owner name change;
Did the ownership structure of the development change from that indicated at Application?
If No, submit a legal opinion which states the Development Owner name change does not and will
not involve a change in the: Ownership of the subject tax credit property or the tax identification number of the ownership; General partnership structure; or Limited partnership structure.
If Yes, submit the following documents for all new organizations in the ownership structure:
Organizational documents;
Financial Statements and Credit Release Authorization; and
Previous Participation Certification.
If No, has the ownership structure of the development changed from that indicated at Application?
If No, nothing further is needed.
If Yes, submit the following documents for all new organizations in the ownership structure:
Organizational documents;
Financial Statements and Credit Release Authorization; and
Previous Participation Certification.
TDHCA File #:
Organizational Chart: All Development Owners must provide an ownership chart as part of this exhibit. The chart must clearly illustrate the complete ownership structure of the Development Owner. It should provide the names and ownership percentages of Persons with an ownership interest in the Development Owner or that serve in the Development Team Member role of Developer. The percentage ownership of all Persons in control of these entities and sub-entities must also be clearly defined. The TIN for all entities identified must be provided, while social security numbers for an individual is not required. Finally, indicate if an entity is a nonprofit and/or Historically Underutilized Business (“HUB”).
Cost Certification (Effective November 2006) EXHIBIT 3A
Real Estate Analysis, TDHCA Owner Summary
EXHIBIT 3C: EVIDENCE OF NONPROFIT AND CHDO PARTICIPATIONDEVELOPMENT NAME: / FILE NUMBER:
Only nonprofit organizations will complete this exhibit. All nonprofit owners or principals must complete this form regardless of their level of ownership or the set aside under which application was made.
Organization Name: / Tax ID Number:
Legal Status: / 501(c)(3) / 501(c)(4) / tax-exempt under 501(a) / PHA / other / (Specify)
Date of legal formation of Nonprofit Organization:
1. Is the Development Owner comprised of a joint venture between a nonprofit organization and for-profit entity?
Yes No.
If “Yes”, will this nonprofit organization control the Development Owner? Yes No.
What is the ownership percentage of this nonprofit organization? %
2. Describe the nonprofit’s participation in the Development:
3. Describe the nonprofit’s participation in the operation of the Development throughout the compliance and/or extended use period:
4. Does the nonprofit have prior experience in owning, managing or developing affordable housing? Yes No
If “Yes”, describe such experience:
5. If the nonprofit will participate through a related subsidiary entity, provide the name of such entity:
Subsidiary Entity Name:
Legal Status: 501(c)(3) 501(c)(4) tax-exempt under 501(a) PHA Other (specify)
6. Is the nonprofit (or related subsidiary entity) assured of owning an interest in the Development throughout the compliance period? Yes No
7. Will the nonprofit be contributing funds to the Development? Yes No
If “Yes”, explain:
8. Will the nonprofit receive any part of the development or management fees paid in connection with the Development? Yes No
If “Yes”, explain:
9. How many full time staff members does the nonprofit have? How many will substantially participate in the Development?
Describe their activities:
TDHCA File #:
10. Has any for-profit entity (including the Development Owner or any entity directly or indirectly related to such owner) appointed any directors to the governing board of the nonprofit? Yes No
If “Yes”, explain:
11. Does the nonprofit have any financial arrangements with an individual or for-profit entity including anyone or any entity related directly or indirectly to the Development Owner? Yes No
If “Yes”, explain:
12. Disclose any personal (including familial) relationships that any of the staff members, directors or other principals involved in the formation or operation of the nonprofit have, either directly or indirectly, with any persons or entities involved or to be involved in the Development on a for-profit basis including, but not limited to, the Development Owner, any of its for-profit general partners, employees, limited partners or any other parties directly or indirectly related to such owner: