e SANCTUARY 9% Financial Projections 7.1.24.xlsx

XLSX spreadsheet 183 KB Posted Sep 24, 2024

Attached to: RFP20240906 Debt and Equity Sanctuary on Potomac
Solicitation number: RFP20240906
Issued by: Alamosa County, Colorado

About this file

Written by GovTribe AI · May 3, 2025

This is a comprehensive financial projections spreadsheet for the Sanctuary on Potomac Permanent Supportive Housing (PSH) project, developed by the Aurora Housing Authority (AHA) in Colorado. The project involves constructing a 43-unit affordable housing complex with all units receiving Section 8 Project-Based Voucher rental assistance. The development is scheduled for construction start on May 1, 2025, with completion targeted for September 1, 2026, and full qualified occupancy expected by March 1, 2027. The project will utilize competitive 9% Low Income Housing Tax Credits (LIHTC) and is seeking financing proposals for construction and permanent loans, federal and state tax credit equity.

The total project budget is $22,770,264, with financing sources including a $3.5 million first mortgage, $1 million from City of Aurora ARPA funds, $1.2 million from Arapahoe County ARPA funds, $600,000 from Arapahoe County HOME funds, $12,110,004 in federal LIHTC equity, and $2,940,000 in Colorado state tax credit equity. The project will serve 33 units at 30% AMI and 10 units at 50% AMI, with a total development cost of approximately $529,541 per unit. The financial model includes various soft debt components, deferred developer fees, and a complex equity and loan structure designed to maximize tax credits and minimize direct cash contributions from the housing authority.

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Other files

File	Type	Posted
b Sanctuary_on_Potomac_9%_and_State_Notification_Letter.SIGNED.pdf	PDF	Sep 24, 2024
c Sanctuary 9PercentCompetitiveApplicationNarrative Final.docx	DOCX document	Sep 24, 2024
e SANCTUARY 9% Financial Projections 7.1.24.pdf	PDF	Sep 24, 2024
0 Sanctuary on Potomac Financing RFP Cover Memo 9.24.24.pdf	PDF	Sep 24, 2024
a NEW Sanctuary on Potomac 2024 Application V6.2_9%-State App-UPDATED 6-7-24.xlsx	XLSX spreadsheet	Sep 24, 2024
d R-7.31.23 - CHFA Market Study - Sanctuary on Potomac - Aurora CO.pdf	PDF	Sep 24, 2024
h Site map.pdf	PDF	Sep 24, 2024
g Sanctuary on Potomac Quick Summary of Financing Sought 9.24.24.pdf	PDF	Sep 24, 2024
f Sanctuary Timeline Milestones.pdf	PDF	Sep 24, 2024

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Summary

SANCTUARY			UPDATE:	1-Jul-24		# of Units:	43
PROJECT BUDGET SOURCE & USE						Contractor GMP:	$ 14,058,961	50% DDs
Per CHFA Initial Determination
FINANCING MODEL USED:		9% Competitive LIHTC
Uses of Funds					Sources of Funds		key rates
	Site Purchase		1,000,000		First Mortgage		6.40%	3,500,000
	Site Work (on & off site)		1,094,909		City of Aurora ARPA			1,000,000	aka Sponsor loan #1
	New Construction		13,264,052		Arapahoe County ARPA			1,200,000	aka Sponsor loan #1
	Owner contingency		705,356		Arapahoe County HOME			600,000	aka Sponsor loan #2
	Professional Fees		1,250,307		Colorado Tax Credit Equity		$ 0.70	2,940,000
	Construction Interim Costs		811,400		LIHTC Federal Equity (4%)		$ 0.86	12,110,004
	Permanent Financing Costs		116,000		Operating cash B4 perm conversion			-
	Development fees & soft costs		1,300,989		Deferred Developer Fee		45.5%	1,200,000
	LIHTC Syndication Costs		223,000		Seller carry back loan			-
	Developer Fees		2,635,000		Other Owner Funds (GAP)			220,260	add to Sponsor Loan #1
	Project Reserves		369,251
	TOTAL COSTS		22,770,264		TOTAL SOURCES			22,770,264
	Total Costs Per Unit		529,541		Total Sources Per Unit			529,541

Notes

SANCTUARY	update:	1-Jul-24
ADDITIONAL NOTES TO THE PROJECTIONS

NOTE: The dollar amounts used in these projections match the approved CHFA application dated June 7, 2024. The developer expects there will by further cost updates prior to Closing.

1	Low Income Housing Tax Credits
	AHA has received an initial credit reservation determination of	$ 1,408,140	competitive 9% LIHTC Federal tax credits in a competitive preliminary application to CHFA.
	AHA has received an initial credit reservation determination of	$ 700,000	competitive Colorado State tax credits in a competitive preliminary application to CHFA.
	AHA is seeking LIHTC pricing shown in these projections, at no less than		$ 0.860	per federal credit, and State credit pricing no less than	$ 0.70
	Minimum Federal tax credit equity Investment is estimated to be	$ 12,110,004		Minimum State tax credit equity investment is estimated to be	$ 2,940,000

2	Construction Loan
	The estimated minimum need for construction loan financing is			$ 12,000,000	underwritten at an average interest rate of				6.15%
	The projected construction loan has a TAX-EXEMPT portion of			$ -	and a TAXABLE portion of		$ 12,000,000	at an interest rate of		6.15%	6.15%
	Projected interest reserve amount	$614,400	is calculated using the interest rate during construction.
	It is expected that some construction interest payments will be includable in Eligible Basis. This includable amount is estimated at approximately									$307,200
3	Permanent Loan
	The estimated need for permanent first mortgage financing is			$ 3,500,000	Fixed interest rate is	6.40%
	The expected term is 18 years, including 2 years for construction, with level amortization over 35 years.
	There will be subordinate financing as follows:		$ 2,200,000	called Sponsor loan #1 at AFR rates; and		$ 600,000	called Sponsor loan #2 also at AFR rates. Both loans are cash flow dependant.
	There may be additional Owner Funds required to (ie. GAP), which will be added to the Sponsor Loan #1 balance. The additional Owner funds need currerntly is									$ 220,260

4	Section 8 Rental Assistance
	All 43 units will receive Section 8 rental assistance under the Project-Based Voucher Progam. On behalf of the project, AHA has applied to it's own PBV program under established procedure.
	The plan has been reviewed by an unrelated hird party on behalf of HUD (Foothills Regional Housing) and received approval. The 43 vouchers will come from AHA's own allotment.

5	Schedule
	Closing is expected to occur by	1-May-25	with construction start by	1-May-25	and construction completion by	01-Sep-26
	LIHTC Placed in Service date by	01-Sep-26	achieving Full Qualified Occupancy by		1-Mar-27
	Conversion to permanent financing will occur after a period of stabilization by			1-Jul-27

Source&Use

SANCTUARY		UPDATE:	1-Jul-24
PROJECT BUDGET SOURCE & USE								TBD	Jun-24
		PROJECT			CONSTRUCTION BUDGET (GC)			TAX CREDITS	Fed APR	FEDERAL CREDIT	STATE CREDIT	COMBINED
	NOT RIGHT YET	APPLICATION	Eligible		Estimate in CHFA app June 2024 (50% DDs)			Total Credit to LP	9.00%	14,081,400	4,200,000		adjust later to 99.99% to LP
	USES OF FUNDS	TOTAL	Basis					Total Investment		12,110,004	2,940,000	15,050,004
1	GC On Site Work	794,909	794,909		GC On Site Costs			Per Credit		$0.860	$0.700
2	GC Basic Construction	10,831,647	10,831,647		Existing Conditions		34,500	PROJECTED INVESTOR PAY-IN SCHEDULE				COMBINED
3	GC General Conditions	1,151,449	1,151,449		Exterior Improvements, earthwork		586,809	At Closing	20.0%	2,422,001	588,000	3,010,001
4	GC Contractor Profit & Overhead	527,594	527,594		Utilities		173,600	At 50% construction	0.0%	-	-	-
5	GC Preconstruction fee	35,000	35,000		xx		-	At 100% construction	20.0%	2,422,001	588,000	3,010,001
6	GC Construction Contingency - in GC contract	396,853	396,853		TOTAL SITE DEVELOPMENT		794,909	At 100% PIS	0.0%	-	-	-
7	GC Performance Bond	101,505	101,505					At Perm Conversion	58.0%	7,023,802	1,705,200	8,729,002
8	GC General Hazard & Liability Insurance	80,539	80,539		GC Basic Construction			At final closeout	2.0%	242,200	58,800	301,000
9	GC Builder's Risk Insurance	139,465	139,465		Site Work (SEE ABOVE)		-	Total Installments	100.0%	12,110,004	2,940,000	15,050,004
10	Land acquisition	1,000,000			Concrete		441,473
11	Off-Site work (allowance to Aurora Mental Health)	300,000			Masonry		271,633	PRIVATE ACTIVITY BOND ASSUMPTIONS			not applicable
12	Utility Tap Fees	817,000	817,000		Metals		249,674	Aggregate Basis			-
13	Building Permit fees (owner paid)	5,000	5,000		Wood & composites		2,078,816	50% Threshold		50.0%	-
14	Power/Telecom Provider fees	50,000	50,000		Thermal		731,490	Selected Bond Amount		ERROR:#DIV/0!	-
15	Civil Engineering	50,000	50,000		Doors & Windows (openings)		415,602	TBD
16	Furniture, Fixtures & Equipment	281,989	281,989		Finishes		1,121,442	CONSTRUCTION LOAN ASSUMPTIONS					Calculation of combined interest rate:
17	Owner-held contingency	705,356	705,356		Specialties		92,690	Tax Exempt Amount			-		-	0%	0.00%
18	Architect Design Services	634,342	634,342		Equipment		103,238	Taxable Amount		up to:	12,000,000	6.15%	12,000,000	100%	6.15%
19	Architect Supervision Services	140,965	140,965		Furnishings		268,257	Total Amount needed		up to:	12,000,000		12,000,000		6.15%
20	Attorney, Owner real estate	25,000	25,000		Special construction		-	Additional cushion amount			$ -
21	Consultant fees: financial	85,000	85,000		Elevator (conveying equipment)		280,000	Total Construction Loan commitment			$ 12,000,000
22	Survey Services	50,000	50,000		Fire protection		287,705	Underwriting rate			6.15%	blended rate
23	Materials Testing Fees	50,000	50,000		Mechanical, Plumbing, Radon		1,340,000	Term (months)			24
24	Construction Management, Owner	250,000	250,000		HVAC		1,376,000	Total Construction Interest budget (from S&U)			614,400
25	Market Studies	10,000	10,000		Electrical & Communications		1,522,392	TBD
26	Environmental Studies, PCNA, Geotech	5,000	5,000		Safety & Security Systems		-	PRIMARY MORTGAGE ASSUMPTIONS
27	Tax Credit fees to CHFA	111,500	-	123,570	TOTAL BASIC CONSTRUCTION		10,580,412	Amount			3,500,000
28	Tax Credit compliance fees to CHFA	21,500	-	21,500				Interest Rate (fixed-Tx)			6.40%
29	Appraisal	10,000	10,000		GC Other Costs			Amortization (yr)		35	420
30	Cost Certification	12,000	12,000		General Conditions		1,151,449	Annual Payment			250,866
31	Partnership legal & organization	90,000	-		Precon fee & Proj. software (in GCs)		35,000	Term (yr) - including 2 yr construct		18
32	Soft Cost contingency	75,000	75,000		Profit & Overhead		527,594
33	Construction loan origination fees	87,000	87,000		Hazard & Liability Insurance		80,539	LIHTC ASSUMPTIONS			Bldg (100%)	CHFA App	math check
34	Construction loan interest	614,400	307,200	998,050	Builders Risk insurance		139,465	Building Eligible Basis (adj		$ -	20,454,813	20,454,813	100.0%
35	Construction lender inspection fees	20,000	20,000		Performance Bond		101,505	Building Qualified Basis @ 130%			20,454,813	20,454,813	100.0%
36	Construction lender legal, due diligence	50,000	50,000		GC Contingency		376,853	Acquisition Qualified Basis @ 100%			-		ERROR:#DIV/0!
37	Construction loan, title & recording fees	40,000	40,000		Permits		20,000	Total Qualified Basis			20,454,813	20,454,813	100.0%
38	Permanent loan origination & Rate lock	66,000	-		TOTAL OTHER GC COSTS		2,432,405	Applicable LIHTC Percentage (Federal)			9.00%
39	Permanent loan prepaid MIP, CHFA app fee	-	-					Calculated Annual LIHTC Credit (Federal)			1,840,933
40	Bond Cost of Issuance	-	-		Additional allowances (see below)		251,235	CHFA Approved LIHTC Credit (Federal)			1,408,140	as per CHFA Special GAP calculation
41	Permanent loan, legal, title & recording fees	50,000	-					Total LIHTC Credit (Federal)		10 Year	14,081,400
42	Relocation: Temp & Perm & site hospitality	-	-		TOTAL GC CONTRACT		14,058,961	Applicable Percentage (State)			30%
43	Rent-up Reserves, marketing/leasing	32,250	-		Comparison with CHFA app		14,058,961	Calculated Colo Max Credit (State)		6 Year	6,136,444
44	Operating Reserves (6 mo. OPEX & DS)	337,001		360,970		100.0%	-	Approved Colo Credit (State)		6 Year	4,200,000	as per CHFA Special GAP calculation
45	Developer Fee: deferred	1,200,000	1,200,000		TOTAL DEVELOPER FEE		2,635,000	Annual Approved Colo Credit (State)			700,000	as per CHFA Special GAP calculation
46	Developer Fee: paid	1,435,000	1,435,000		Deferred	45.5%	1,200,000	TAX CREDIT FEES	Federal	State	Total	CHFA App	In Budget
					Paid	54.5%	1,435,000	Reservation Amount	1,408,140	700,000
	TOTAL Uses of Funds	22,770,264	20,454,813					Application	10,000	1,000	11,000	11,000	111,500
					Additional allowances			Initial Determination	63,326	-	63,326	63,326
	SOURCES OF FUNDS (Permanent)				Mold remediation, etc	-		Final application	49,244	-	49,244	49,244
1	First Mortgage	3,500,000			Inflation expectation	251,235		Compliance monitoring	21,500		21,500	21,500	21,500
2	City of Aurora funds: ARPA	1,000,000			xxx	-	none	Milestone Fee	- 0	-	-	-
3	County of Arapahoe funds: ARPA	1,200,000			xxx	-	none					145,070	133,000
4	Arapahoe County: HOME	600,000			Total Additions	251,235		CDOH DEFERRED LOAN		NOT APPLICABLE
5	Seller carry back loan	-						Amount			-
6	LIHTC Investor proceeds (federal credit)	12,110,004						Interest Rate (fixed; accrual)			TBD
7	Colo Tax credit investor proceeds (state credit)	2,940,000						Annual Payment: % of cash flow after DDF paid off			TBD
8	Operating Cash before Perm loan conversion	-						Payment begins: after DDF fully paid. Est in Year			TBD
9	AHA Deferred Developer Fee	1,200,000						Maturity in Year			TBD
10	Other Owner Funds (remaining GAP)	220,260
	TOTAL Sources of Funds	22,770,264						CHFA LIHTC AWARD CALC		Basis max/unit
		-						1 BR Units	43	367,588	15,806,284
	CHFA Original App math check	22,770,264	20,454,813					2 BR Units	0	352,438	-
	Change from original CHFA app	-	-					3 BR Units	0	442,373	-
		100.0%	100.0%					ELIGIBLE BASIS LIMIT MAXIMUM			15,806,284
								Adjustments (QTC, DDA)			1.00
	PROPERTY SALE TO PARTNERSHIP ASSUMPTIONS	NOT APPLICABLE						QUALIFIED BASIS LIMIT			15,806,284
	Total Appraised Value-Restricted	-	from appraisal					Qualified Basis Award Limit		9.00%	1,422,566	using Basis Limit Test
	Land Value - excluded from Sale	-	from appraisal					Current Calculated Award			1,840,933	using actual Qualified Basis
	Building Value - included in Sale	-	from appraisal	$ -	per unit			CHFA Initial Determination			1,408,140	as per initial determination letter
	Adjusted building value	-	Actual Sale price					Credit Award used for this project			1,408,140	using CHFA GAP determination
	Outstanding debt to pay off, expenses	-	estimate
	Net to AHA	-
	Cash proceeds to AHA	-
	Takeback Note to AHA	-

YearOne

SANCTUARY

FIRST YEAR OPERATIONS (Stabilized)

	Stabilized	Monthly
INCOME	Annual	Average	INITIAL RENT SCHEDULE ASSUMPTIONS					INITIAL OPERATING EXPENSE
Gross Rental Income	793,608	66,134						Administration	43 units
Other Income - laundry	6,192	516	UNITS - SQ FT	#	AMI	NET RENT	ANNUAL	Accounting	4,085
Less Vacancy @ 5.0%	(39,990)	(3,333)	1 Br 1 Ba - 492	33	30 - Sec8	$ 1,538	609,048	Advertising	3,225
NET RENTAL INCOME	759,810	63,318	1 Br 1 Ba - 492	0	40 - Sec8	$ 1,538	-	Legal, background checks	5,160
			1 Br 1 Ba - 492	10	50 - Sec8	$ 1,538	184,560	Management Fees	23,650
EXPENSES			1 Br 1 Ba - 492	0	60 - Sec8	$ 1,538	-	Management Salaries & OT	65,000
Administration	108,000	9,000						Office Supplies	4,300
Operations	88,202	7,350	Employee	0		-	-	Telephone	2,580
Maintenance	204,700	17,058	Non-LIHTC	0		-	-	Community Builder	-
Fixed Expenses	57,260	4,772	TOTALS	43			793,608		108,000
TOTAL EXPENSES:	458,162	38,180						Operations
			Other Income	43	Laundry	12	6,192	Electricity & Gas	62,402
NET OPERATING INCOME	301,648	25,137						Water & Sewer	19,780
Replacement Reserve Deposit	12,900	1,075	AFFORDABILITY DISTRIBUTION - LIHTC classification					Other	-
			30% AMI	33			76.7%	Trash	6,020
ADJUSTED NET OPERATING INCOME	288,748	24,062	40% AMI	0			0.0%		88,202
			50% AMI	10			23.3%	Maintenance
Primary Mortgage Debt Service	250,866	20,906	60% AMI	0			0.0%	Elevator	4,730
1sy year Debt Coverage Ratio	1.151	1.151	TOTALS	43			100.0%	Extermination	3,010
								Grounds, snow	7,310
Additional Must-Pay Debt Service	0	0	AFFORDABILITY DISTRIBUTION - SECTION 8 SUBSIDIZED					Repairs	-
Debt Coverage Ratio--All Must-Pay	1.151	1.151	1BR Units	43			100.0%	Maintenance salary & OT	66,000
								Maintenance supplies	11,825
YEAR ONE CASH FLOW	37,882	3,157	TOTAL SEC 8	43				Maintenance contracts	7,525
			NON- SEC 8	0			0.0%	Decorating	4,300
CASH FLOW PAYMENTS (expected Year 1)			TOTALS	43			100.0%	Snow removal	-
Investor Asset Mgmt Fee	6,000							Security	80,000
Deferred Developer Fee	30,000							Inspection costs	-
Total Distributions (expected Year 1)	36,000		UTILITY ALLOWANCES USED (May/2023)					Campus maintenance HOA fee	20,000
			1BR Units			0			204,700
PRIMARY MORTGAGE ASSUMPTIONS								Fixed Expenses
Amount		3,500,000						Real Estate Taxes - EXEMPT	-
Interest Rate (fixed)		6.40%						Insurance	20,210
Amortization (yr)	35	420						Payroll tax	32,750
Annual Payment		250,866						Workman's Comp	4,300
Term (yr)	18								57,260
										CHFA App
OPERATING RESERVE ASSUMPTIONS	1 month	6						TOTAL EXPENSES	458,162	458,162	-
Operating Expens budget	39,255	235,531						Per Unit Per Annum	10,655
Debt Service (1st mortgage only)	20,906	125,433						Replacement Reserve Deposit	12,900	12,900	-
Total Initial Deposit est.		360,970						Per Unit Per Annum	300
								TOTAL PROJECT EXPENSES	471,062	471,062	-
								Total OpEx Per Unit Per Month	913

Construction Period

SANCTUARY		13,919,496		Total GC Contract				Construction Loan Closing:			1-May-25		Construction Initiation (NTP):			1-May-25
CONSTRUCTION PERIOD								Construction Loan Takeout:			1-Jul-27		Construction Duration: months			16					Lease-up Period						Stabilization Period				Close-out Period
								Construction Loan Duration: months			27		Construction Completion (SC/TCO):			1-Sep-26					Substantial						100%				Close		8609
																					Completion						Qualified				Permanent		Final
				Loan Closing																	TCO						Occupancy
				NTP	Balances		(must reseries)														PIS
		BUDGET	Draw # :	1	Remaining	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20	21	22	23	24	25	26	27	28	29	TOTAL	check
	USES OF FUNDS	TOTAL		1-May-25	After Closing	1-Jun-25	1-Jul-25	1-Aug-25	1-Sep-25	1-Oct-25	1-Nov-25	1-Dec-25	1-Jan-26	1-Feb-26	1-Mar-26	1-Apr-26	1-May-26	1-Jun-26	1-Jul-26	1-Aug-26	1-Sep-26	1-Oct-26	1-Nov-26	1-Dec-26	1-Jan-27	1-Feb-27	1-Mar-27	1-Apr-27	1-May-27	1-Jun-27	1-Jul-27	1-Aug-27	1-Sep-27		sum
1	GC On Site Work	794,909		-	794,909	46,759	46,759	46,759	46,759	46,759	46,759	46,759	46,759	46,759	46,759	46,759	46,759	46,759	46,759	46,759	46,759	46,759	-	-	-	-	-	-	-	-	-	-	-	794,909	-
2	GC Basic Construction	10,831,647		-	10,831,647	637,156	637,156	637,156	637,156	637,156	637,156	637,156	637,156	637,156	637,156	637,156	637,156	637,156	637,156	637,156	637,156	637,156	-	-	-	-	-	-	-	-	-	-	-	10,831,647	-
3	GC General Conditions	1,151,449		-	1,151,449	67,732	67,732	67,732	67,732	67,732	67,732	67,732	67,732	67,732	67,732	67,732	67,732	67,732	67,732	67,732	67,732	67,732	-	-	-	-	-	-	-	-	-	-	-	1,151,449	-
4	GC Contractor Profit & Overhead	527,594		-	527,594	31,035	31,035	31,035	31,035	31,035	31,035	31,035	31,035	31,035	31,035	31,035	31,035	31,035	31,035	31,035	31,035	31,035	-	-	-	-	-	-	-	-	-	-	-	527,594	-
5	GC Preconstruction fee	35,000		35,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	35,000	-
6	GC Construction Contingency - in GC contract	396,853		-	396,853	23,344	23,344	23,344	23,344	23,344	23,344	23,344	23,344	23,344	23,344	23,344	23,344	23,344	23,344	23,344	23,344	23,344	-	-	-	-	-	-	-	-	-	-	-	396,853	-
7	GC Performance Bond	101,505		101,505	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	101,505	-
8	GC General Hazard & Liability Insurance	80,539		80,539	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	80,539	-
9	GC Builder's Risk Insurance (paid by Owner)	139,465		139,465	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	139,465	-
10	Land acquisition	1,000,000		1,000,000	-		-																								-			1,000,000	-
11	Building acquisition	300,000		300,000	-																													300,000	-
12	Utility Tap Fees	817,000		817,000	-																													817,000	-
13	Building Permit fees	5,000		5,000	-																													5,000	-
14	Power/Telecom Provider fees	50,000		50,000	-																													50,000	-
15	Civil Engineering	50,000		50,000	-																													50,000	-
16	Furniture, Fixtures & Equipment	281,989		-	281,989												140,995	140,995																281,989	-
17	Owner-held contingency	705,356		-	705,356	41,492	41,492	41,492	41,492	41,492	41,492	41,492	41,492	41,492	41,492	41,492	41,492	41,492	41,492	41,492	41,492	41,492	-	-	-	-	-	-	-	-	-	-	-	705,356	-
18	Architect Design Services	634,342		634,342	-																													634,342	-
19	Architect Supervision Services	140,965		-	140,965	8,292	8,292	8,292	8,292	8,292	8,292	8,292	8,292	8,292	8,292	8,292	8,292	8,292	8,292	8,292	8,292	8,292	-	-	-	-	-	-	-	-	-	-	-	140,965	-
20	Attorney, Owner real estate	25,000		25,000	-																													25,000	-
21	Development/Financial Consultant	85,000		85,000	-	-	-	-	-	-	-	-	-	-	-	-	-																	85,000	-
22	Survey Services	50,000		50,000	-																													50,000	-
23	Materials Testing Fees	50,000		-	50,000	2,941	2,941	2,941	2,941	2,941	2,941	2,941	2,941	2,941	2,941	2,941	2,941	2,941	2,941	2,941	2,941	2,941	-	-	-	-	-	-	-	-	-	-	-	50,000	-
24	Construction Management, Owner	250,000		40,000	210,000	12,353	12,353	12,353	12,353	12,353	12,353	12,353	12,353	12,353	12,353	12,353	12,353	12,353	12,353	12,353	12,353	12,353	-	-	-	-	-	-	-	-	-	-	-	250,000	-
25	Market Studies	10,000		10,000	-																													10,000	-
26	Environmental Studies, PCNA, Geotech	5,000		5,000	-	-																												5,000	-
27	Tax Credit fees to CHFA	111,500		111,500	-	-																												111,500	-
28	Tax Credit compliance fees to CHFA	21,500		-	21,500																										21,500			21,500	-
29	Appraisal	10,000		10,000	-																													10,000	-
30	Cost Certification	12,000		-	12,000																										12,000			12,000	-
31	Partnership legal & organization	90,000		45,000	45,000	45,000																												90,000	-
32	Soft Cost contingency	75,000		37,500	37,500	7,500	7,500	7,500	7,500	7,500																								75,000	-
33	Construction loan origination fees	87,000		87,000	-																													87,000	-
34	Construction loan interest (carried)	614,400		-	614,400	344	1,388	2,310	3,750	8,272	12,817	17,347	21,901	26,477	31,077	35,701	40,348	45,742	51,164	55,890	60,641	65,416	56,327	56,616	56,906	57,198	57,491	57,786	58,082	58,379	58,679	-	-	998,050	(383,650)	cover any shortfall with DF & POI
35	Construction lender inspection fees	20,000		20,000	-																													20,000	-
36	Construction lender legal, due diligence	50,000		50,000	-																													50,000	-
37	Construction loan, title & recording fees	40,000		40,000	-																													40,000	-
38	Permanent Loan Origination	66,000		66,000	-																													66,000	-
39	Permanent loan MIP, app fee	-		-	-																													-	-
40	Bond Issuance legal fees	-		-	-																													-	-
41	Permanent loan, legal, title & recording fees	50,000		50,000	-																-													50,000	-
42	Tenant Services Reserve	-		-	-																-													-	-
43	Rent-up Reserves	32,250		32,250	-																													32,250	-
44	Operating Reserves	337,001		-	337,001																										337,001			337,001	-
45	Developer Fee: deferred	1,200,000		-	1,200,000																										1,200,000			1,200,000	-
46	Developer Fee: paid	1,435,000		100,000	1,335,000																	300,000									307,891		727,109	1,435,000	-	cover any shortfall in construction interest
					-																															after using excess Project Operating income (below)
	TOTAL Uses of Funds	22,770,264	-	4,077,101	18,693,163	923,948	879,992	880,915	882,354	886,876	883,922	888,452	893,005	897,582	902,182	906,805	1,052,447	1,057,841	922,268	926,995	931,745	1,236,521	56,327	56,616	56,906	57,198	57,491	57,786	58,082	58,379	1,937,071	-	727,109	23,153,914	(383,650)
	SOURCES OF FUNDS
1.0	Construction Loan			67,100		203,688	179,992	280,915	882,354	886,876	883,922	888,452	893,005	897,582	902,182	906,805	1,052,447	1,057,841	922,268	926,995	931,745	(1,773,480)	56,327	56,616	56,906	57,198	57,491	57,786	58,082	58,379	(11,449,473)	-	-	(0)
2.0	Project Operating Income (interest credit)			-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-				-	-
3	First Mortgage	3,500,000		-	3,500,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,500,000	-	-	3,500,000	-
4	City of Aurora funds: ARPA (Sponsor loan #1)	1,000,000		1,000,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,000,000	-
5	County of Arapahoe funds: ARPA (Sponsor loan #1)	1,200,000		-	1,200,000	500,000	700,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,200,000	-
6	Arapahoe County: HOME (Sponsor loan #2)	600,000		-	600,000	-	-	600,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	600,000	-
7	Remaining GAP funds (Sponsor loan #1)	220,260		-	220,260	220,260	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	220,260	-
8	LIHTC Investor proceeds (Fed & State credit)	15,050,004		3,010,001	12,040,003	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,010,001	-	-	-	-	-	-	-	-	8,729,002	-	301,000	15,050,004	-
9	AHA Deferred Developer Fee	1,200,000		-	1,200,000																										1,200,000			1,200,000	-
10	Other	-		-	-																				-									-	-
					-																													-
					-																													-
	TOTAL Sources of Funds	22,770,264	-	4,077,101	18,693,163	923,948	879,992	880,915	882,354	886,876	883,922	888,452	893,005	897,582	902,182	906,805	1,052,447	1,057,841	922,268	926,995	931,745	1,236,521	56,327	56,616	56,906	57,198	57,491	57,786	58,082	58,379	1,979,529	-	301,000	22,770,264	-
	funds in excess of current month expense				-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	42,459	-	(426,109)	(383,650)	383,650

FUNDS DISBURSEMENT SCHEDULES			1		2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20	21	22	23	24	25	26	27	28	29		-
Construction Loan Disbursement (Source line 1)			67,100		203,688	179,992	280,915	882,354	886,876	883,922	888,452	893,005	897,582	902,182	906,805	1,052,447	1,057,841	922,268	926,995	931,745	(1,773,480)	56,327	56,616	56,906	57,198	57,491	57,786	58,082	58,379	(11,449,473)	-	-		-
Construction Loan Payoffs													-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-		-
Construction Loan Balance			67,100		270,788	450,780	731,695	1,614,049	2,500,926	3,384,847	4,273,299	5,166,304	6,063,885	6,966,067	7,872,872	8,925,320	9,983,161	10,905,429	11,832,423	12,764,169	10,990,689	11,047,016	11,103,632	11,160,538	11,217,736	11,275,227	11,333,012	11,391,094	11,449,473	-	-	-		-
Construction Interest Charge	614,400	6.15%	344		1,388	2,310	3,750	8,272	12,817	17,347	21,901	26,477	31,077	35,701	40,348	45,742	51,164	55,890	60,641	65,416	56,327	56,616	56,906	57,198	57,491	57,786	58,082	58,379	58,679	-	-	-
Construction Interest Credit from Ops (Source line 2)			-		-
Construction Interest Carried on Loan			344		1,388	2,310	3,750	8,272	12,817	17,347	21,901	26,477	31,077	35,701	40,348	45,742	51,164	55,890	60,641	65,416	56,327	56,616	56,906	57,198	57,491	57,786	58,082	58,379	58,679	-	-	-
																						593,530
LIHTC Investor Installment #																					Investor #2									Investor #3		Investor #4
LIHTC Investor disbursements (Source line 8)	15,050,004		3,010,001	12,040,003																	3,010,001	-	-							8,729,002		301,000	15,050,004	-

Project Operating Income (from lease-up page)	84,000		-	84,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-		-	-	-	-	-	-	-	-	-	84,000	Credit against construction interest shortfall above
																																	-	-
First Mortgage Disbursement (Source line 3)	3,500,000			3,500,000																										3,500,000			3,500,000	-
																																	-	-
City of Aurora Disbursements (Source line 4)	1,000,000		1,000,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-			1,000,000	-
Arapahoe ARPA Disbursements (Source line 5)	1,200,000		-	1,200,000	500,000	700,000	-	-		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-		-	-			1,200,000	-
Arapahoe HOME Disbursements (Source line 6)	600,000		-	600,000	-	-	600,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-			600,000	-
AHA GAP Loan disbursements (Source line 7)	220,260		-	220,260	220,260
Payout of soft debt (Source lines 4,5,6,7)	3,020,260		1,000,000		720,260	700,000	600,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,020,260	-
Cumulative Paid out			1,000,000		1,720,260	2,420,260	3,020,260	3,020,260	3,020,260	3,020,260	3,020,260	3,020,260	3,020,260	3,020,260	3,020,260	3,020,260	3,020,260	3,020,260	3,020,260	3,020,260	3,020,260	3,020,260	3,020,260	3,020,260	3,020,260	3,020,260	3,020,260	3,020,260	3,020,260	3,020,260
Remaining balance of AHA Equity			2,020,260		1,300,000	600,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cumulative Paid out	100%		33%		57%	80%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%
ADDITIONAL DATA ENTRY
Construction Loan Closing	1-May-25	sets date for Closing
Construction Start	1-May-25	Notice to Proceed date (NTP)
First Draw after Closing	1-Jun-25	sets monthly date for this and future draws
Construction completion	1-Sep-26	Substantial Completion (soonest TCO date)
Construction term for General Contractor in months	16	matches GMP contract term
Term of Construction loan in months	30	matches construction lender maximum term
Interim loan payoff (if applicable)	18	identifies month (by #) of any interim loan payoff (if applicable)
Final loan payoff (# of month)	27	identifies month (by #) of final construction loan payoff
Final loan payoff (date)	01-Jul-27	identifies date of final construction loan payoff

		Month #
Investor Installment 1 (Amount and # of month)	3,010,001	1	at Closing
Investor Installment X (Amount and # of month)	-		at 50% construction completion
Investor Installment 2 (Amount and # of month)	3,010,001	18	at 100% construction completion (TCO)
Investor Installment X (Amount and # of month)	-
Investor Installment 3 (Amount and # of month)	8,729,002	27	at Construction loan takeout
Investor Installment 4 (Amount and # of month)	301,000	29	at 8609 and closeout

Developer Fee Pymt 1 (Amount and # of month)	100,000	1	at Closing	6.97%		-
Developer Fee Pymt 2 (Amount and # of month)	300,000	18	at TCO	20.91%
Developer Fee Pymt 3 (Amount and # of month)	307,891	27	at Construction loan takeout	21.46%	42,459
Developer Fee Pymt 4 (Amount and # of month)	727,109	29	at 8609 and closeout	50.67%
Deferred Developer Fee (remaining)	1,200,000
Construction loan balance at Perm conversion	-

LeaseUp

SANCTUARY

EOM

LEASE-UP PERIOD

Fully

TCO/PIS

100% Qualified

Stabilization

months

Stabilized

Received

(must reseries)

Occupancy

Perm Conversion

Sep - Dec

Jan - Dec

Monthly

Sep-26

Oct-26

Nov-26

Dec-26

Jan-27

Feb-27

Mar-27

Apr-27

May-27

Jun-27

Jul-27

Aug-27

Sep-27

Oct-27

Nov-27

Dec-27

2026

2027

Levels

Units Leased and Occuppied (BoM)

511

INCOME		0%	0%	19%	42%	65%	88%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	variable	variable
Gross Rental Income	66,134	-	-	12,304	27,684	43,064	58,444	66,134	66,134	66,134	66,134	66,134	66,134	66,134	66,134	66,134	66,134	39,988	762,848
Other Income	516	-	-	96	216	336	456	516	516	516	516	516	516	516	516	516	516	312	5,952
Less Vacancy (Sec 8)	(3,333)	-	-	(620)	(1,395)	(2,170)	(2,945)	(3,333)	(3,333)	(3,333)	(3,333)	(3,333)	(3,333)	(3,333)	(3,333)	(3,333)	(3,333)	(2,015)	(38,440)
NET RENTAL INCOME	63,318	-	-	11,780	26,505	41,230	55,955	63,318	63,318	63,318	63,318	63,318	63,318	63,318	63,318	63,318	63,318	38,285	730,360
	-
EXPENSES	-	15%	25%	50%	75%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	variable	100%
Administration	9,000	1,350	2,250	4,500	6,750	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	9,000	14,850	108,000
Operations	7,350	1,103	1,838	3,675	5,513	7,350	7,350	7,350	7,350	7,350	7,350	7,350	7,350	7,350	7,350	7,350	7,350	12,128	88,202
Maintenance	17,058	2,559	4,265	8,529	12,794	17,058	17,058	17,058	17,058	17,058	17,058	17,058	17,058	17,058	17,058	17,058	17,058	28,146	204,700
Fixed Expenses	4,772	716	1,193	2,386	3,579	4,772	4,772	4,772	4,772	4,772	4,772	4,772	4,772	4,772	4,772	4,772	4,772	7,873	57,260
TOTAL EXPENSES:	38,180	5,727	9,545	19,090	28,635	38,180	38,180	38,180	38,180	38,180	38,180	38,180	38,180	38,180	38,180	38,180	38,180	62,997	458,162

NET OPERATING INCOME	25,137	(5,727)	(9,545)	(7,310)	(2,130)	3,050	17,775	25,137	25,137	25,137	25,137	25,137	25,137	25,137	25,137	25,137	25,137	(24,712)	272,198
Replacement Reserve Deposit	1,075	-	-	-	-	-	-	1,075	1,075	1,075	1,075	1,075	1,075	1,075	1,075	1,075	1,075	-	10,750

ADJUSTED NET OPERATING INCOME 24,062 (5,727) (9,545) (7,310) (2,130) 3,050 17,775 24,062 24,062 24,062 24,062 24,062 24,062 24,062 24,062 24,062 24,062 (24,712) 261,448

Construction loan interest payments		-	-	-	-	-	-	21,000	21,000	21,000	21,000	-	-	-	-	-	-	-	84,000
1st Mortgage Debt Service	20,906	-	-	-	-	-	-	-	-	-	-	20,906	20,906	20,906	20,906	20,906	20,906	-	125,433
Other required debt service	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

CASH FLOW AFTER REQ. DEBT SERVICE 3,157 (5,727) (9,545) (7,310) (2,130) 3,050 17,775 3,062 3,062 3,062 3,062 3,157 3,157 3,157 3,157 3,157 3,157 (24,712) 52,015

							Note: Ability to cover mortgage payments after achieving 100% quialified occupancy but before perm loan conversion shown as applied to construction interest
NOI Deficit funded by Rent-up Reserve	24,712	5,727	9,545	7,310	2,130	-	-	24,712	-

LIHTC DATES
Construction Completion (TCO recvd)	1-Sep-26	adjusted to first day of month
Placed in Service date	1-Sep-26	adjusted to first day of month
100% Qualified Occupancy achieved	1-Mar-27

UNIT DELIVERY SCHEDULE (Qualified Occupancy)			LIHTC Occupancy %
	New Units	Cumulative	2025	2026

Unit Delivery Schedule
by Oct 1, 2026	8	8	19%	0%
by November 1, 2026	10	18	42%	0%
by December 1, 2026	10	28	65%	0%

by January 1, 2027	10	38	88%
by February 1, 2027	5	43	100%
by March 1, 2027	0	43	100%

Total LIHTC Occupancy	43	43		100%
			2025	2026
State Credit Earned for Year			100%	100%
Federal Credit Earned for Year (proportional)			10.47%	99.03%
Eligible Unit Months			54	511
Potential Eligible Unit Months for year			516	516

17Year

SANCTUARY
17 YEAR CASH FLOW			TAX CREDIT PERIOD											COMPLIANCE PERIOD					EXIT
			Lease-Up	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17
		Inflator	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039	2040	2041	2042	2043
	INCOME
	Gross Rental Income	2.0%	39,988	762,848	809,480	825,670	842,183	859,027	876,207	893,732	911,606	929,838	948,435	967,404	986,752	1,006,487	1,026,617	1,047,149	1,068,092	1,089,454
	Other Income	2.0%	312	6,192	6,316	6,442	6,571	6,702	6,836	6,973	7,113	7,255	7,400	7,548	7,699	7,853	8,010	8,170	8,334	8,500
	Less Vacancy	5.0%	(2,015)	(39,990)	(41,990)	(41,606)	(42,438)	(43,286)	(44,152)	(45,035)	(45,936)	(46,855)	(47,792)	(48,748)	(49,723)	(50,717)	(51,731)	(52,766)	(53,821)	(54,898)
	NET RENTAL INCOME		38,285	729,050	773,807	790,506	806,316	822,443	838,892	855,669	872,783	890,239	908,043	926,204	944,728	963,623	982,895	1,002,553	1,022,604	1,043,056

EXPENSES
Administration	3.0%	14,850	108,000	111,240	114,577	118,015	121,555	125,202	128,958	132,826	136,811	140,916	145,143	149,497	153,982	158,602	163,360	168,260	173,308
Operations	3.0%	12,128	88,202	90,848	93,574	96,381	99,272	102,250	105,318	108,477	111,732	115,084	118,536	122,092	125,755	129,528	133,413	137,416	141,538
Maintenance	3.0%	28,146	204,700	210,841	217,166	223,681	230,392	237,303	244,423	251,755	259,308	267,087	275,100	283,353	291,853	300,609	309,627	318,916	328,483
Fixed Expenses	3.0%	7,873	57,260	58,978	60,747	62,570	64,447	66,380	68,371	70,423	72,535	74,711	76,953	79,261	81,639	84,088	86,611	89,209	91,885
TOTAL EXPENSES:		62,997	458,162	471,907	486,064	500,646	515,665	531,135	547,069	563,481	580,386	597,797	615,731	634,203	653,229	672,826	693,011	713,801	735,216

NET OPERATING INCOME		(24,712)	270,888	301,900	304,442	305,670	306,777	307,756	308,600	309,301	309,853	310,246	310,473	310,525	310,393	310,069	309,542	308,803	307,841
Replacement Reserve Deposit	3.0%	-	10,750	13,287	13,686	14,096	14,519	14,955	15,403	15,865	16,341	16,832	17,337	17,857	18,392	18,944	19,512	20,098	20,701

ADJUSTED NET OPERATING INCOME (24,712) 260,138 288,613 290,757 291,574 292,258 292,802 293,197 293,436 293,511 293,414 293,136 292,668 292,001 291,125 290,030 288,705 287,140

Construction loan interest payments	-	84,000
1st Mortgage Debt Service	-	125,433	250,866	250,866	250,866	250,866	250,866	250,866	250,866	250,866	250,866	250,866	250,866	250,866	250,866	250,866	250,866	250,866
Other required debt service	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

CASH FLOW AFTER REQ. DEBT SERVICE (24,712) 50,705 37,746 39,890 40,708 41,392 41,935 42,331 42,570 42,645 42,548 42,270 41,802 41,135 40,259 39,163 37,839 36,274

CASH FLOW DEBT SERVICE & FEES	inflation
Land Lease payments (not applicable)			-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Reserve Draw Down		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investor Asset Mgmt Fee	3%	-	6,000	6,180	6,365	6,556	6,753	6,956	7,164	7,379	7,601	7,829	8,063	8,305	8,555	8,811	9,076	9,348	9,628
Deferred Developer Fee			44,705	31,566	33,525	34,152	34,639	34,980	35,166	35,190	35,044	34,719	34,206	33,497	32,580	31,447	30,088	(684,495)	-	GP Capital Contribution required
General Partner Asset Mgmt Fee	3%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	25,000	25,750
Subordinate Loan #1 (Sponsor/COA$)	4%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,745	448
Subordinate Loan #2 (CDOH)	1%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,745	448
		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
TOTAL CASH FLOW PAYMENTS		-	50,705	37,746	39,890	40,708	41,392	41,935	42,331	42,570	42,645	42,548	42,270	41,802	41,135	40,259	39,163	(646,656)	36,274

REMAINING CASH FLOW	(24,712)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributed to LP
Distributed to GP

Deferred Developer Fee (DDF) Payments as shown		-	44,705	31,566	33,525	34,152	34,639	34,980	35,166	35,190	35,044	34,719	34,206	33,497	32,580	31,447	30,088
Outstanding balance of DDF	1,200,000	1,200,000	1,155,295	1,123,729	1,090,204	1,056,052	1,021,413	986,433	951,267	916,077	881,032	846,313	812,107	778,610	746,030	714,583	684,495	GP Capital Contribution required

DCR on first mortgage debt service not applicable 2.07 1.15 1.16 1.16 1.16 1.17 1.17 1.17 1.17 1.17 1.17 1.17 1.16 1.16 1.16

15Year TAX

SANCTUARY
15 YEAR TAX PROJECTIONS				TAX CREDIT PERIOD										COMPLIANCE PERIOD					EXIT
			Lease-Up	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17
01-Sep-26	First Bldg P.I.S. Date	Rates	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039	2040	2041	2042	2043

NET OPERATING INCOME (24,712) 260,138 288,613 290,757 291,574 292,258 292,802 293,197 293,436 293,511 293,414 293,136 292,668 292,001 291,125 290,030

Interest Expense (paid & accrued)
Construction loan		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
First Mortgage loan	6.40%	-	168,000	226,724	225,179	223,535	221,786	219,925	217,945	215,838	213,596	211,211	208,673	205,972	203,099	200,042	196,789
Sponsor Loan #1	3.00%	-	72,608	74,786	77,030	79,341	81,721	84,172	86,698	89,298	91,977	94,737	97,579	100,506	103,521	103,521	103,521
Sponsor Loan #2	3.00%	-	18,000	18,540	20,851	23,231	25,683	28,208	30,809	33,488	36,247	39,089	42,017	45,032	48,137	51,243	54,349
Other loans	0.00%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Other Expense
Investor Asset Mgmt Fee	3.00%		6,000	6,180	6,365	6,556	6,753	6,956	7,164	7,379	7,601	7,829	8,063	8,305	8,555	8,811	9,076
Ground Lease	0.00%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other	0.00%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
GP Asset Mgmt Fee	3.00%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Depreciation & Amortization (see table) * - 1,780,972 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863

TAXABLE INCOME (LOSS) (24,712) (1,785,442) (716,481) (717,532) (719,952) (722,548) (725,323) (728,282) (731,431) (734,773) (738,314) (742,059) (746,011) (750,175) (751,356) (752,568)

Allocation of income/ losses																		SUMMARY
To General Partner	0.01%	(2)	(179)	(72)	(72)	(72)	(72)	(73)	(73)	(73)	(73)	(74)	(74)	(75)	(75)	(75)	(75)
To Investor Limited Partner	99.99%	(24,710)	(1,785,264)	(716,409)	(717,460)	(719,880)	(722,475)	(725,250)	(728,209)	(731,357)	(734,700)	(738,240)	(741,984)	(745,936)	(750,100)	(751,281)	(752,493)	(12,085,750)

LP BENEFIT ANALYSIS
from Tax Losses	21%	5,189	374,905	150,446	150,667	151,175	151,720	152,303	152,924	153,585	154,287	155,030	155,817	156,647	157,521	157,769	158,024	1,752,231
from Tax Credits, based on annual alloc =	1,408,140	1,394,495	1,408,140	1,408,140	1,408,140	1,408,140	1,408,140	1,408,140	1,408,140	1,408,140	1,408,140	13,645	-	-	-	-	-	14,081,400
from State Tax Credits, annual alloc =	700,000	700,000	700,000	700,000	700,000	700,000	700,000	-										4,200,000

MINIMUM GAIN ANALYSIS
Total Non-Recourse debt		-	7,808,730	7,904,837	8,001,995	8,101,574	8,203,747	8,308,696	8,416,604	8,527,661	8,642,060	8,760,001	8,881,686	9,007,322	9,030,496	9,051,746	9,071,102
Total Net Assets	22,335,013	22,335,013	20,554,041	19,875,177	19,196,314	18,517,450	17,838,587	17,159,723	16,480,860	15,801,996	15,123,133	14,444,269	13,765,406	13,086,542	12,407,679	11,728,815	11,049,952
Net		22,335,013	12,745,311	11,970,340	11,194,318	10,415,876	9,634,839	8,851,027	8,064,255	7,274,335	6,481,073	5,684,269	4,883,720	4,079,220	3,377,183	2,677,070	1,978,850

* Depreciation Note: New 2018 depreciation rules used here. See Depreciation sheet for detail.

Loans & Land Lease

SANCTUARY
AMORTIZING LOANS				TAX CREDIT PERIOD										COMPLIANCE PERIOD					EXIT
			Lease-Up	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17
			2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039	2040	2041	2042	2043
		Rate
First Mortgage: TBD
	Begin UPB			3,500,000	3,542,567	3,518,425	3,492,738	3,465,407	3,436,326	3,405,385	3,372,463	3,337,435	3,300,164	3,260,509	3,218,315	3,173,421	3,125,653	3,074,829	3,020,752	2,963,213
	Payment	PAY		125,433	250,866	250,866	250,866	250,866	250,866	250,866	250,866	250,866	250,866	250,866	250,866	250,866	250,866	250,866	250,866	250,866
	to Interest	6.400%	-	168,000	226,724	225,179	223,535	221,786	219,925	217,945	215,838	213,596	211,211	208,673	205,972	203,099	200,042	196,789	193,328	189,646
	to Principal		-	(42,567)	24,142	25,687	27,331	29,080	30,941	32,922	35,029	37,270	39,656	42,194	44,894	47,767	50,824	54,077	57,538	61,221
	End UPB		-	3,542,567	3,518,425	3,492,738	3,465,407	3,436,326	3,405,385	3,372,463	3,337,435	3,300,164	3,260,509	3,218,315	3,173,421	3,125,653	3,074,829	3,020,752	2,963,213	2,901,993

Deferred Developer Fee (cash flow)
	Begin UPB		-	1,200,000	1,155,295	1,123,729	1,090,204	1,056,052	1,021,413	986,433	951,267	916,077	881,032	846,313	812,107	778,610	746,030	714,583	684,495	684,495
	CF Payment	PAY	-	44,705	31,566	33,525	34,152	34,639	34,980	35,166	35,190	35,044	34,719	34,206	33,497	32,580	31,447	30,088	-	-
	to Interest	0.000%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	to Principal		-	44,705	31,566	33,525	34,152	34,639	34,980	35,166	35,190	35,044	34,719	34,206	33,497	32,580	31,447	30,088	-	-
	End UPB		-	1,155,295	1,123,729	1,090,204	1,056,052	1,021,413	986,433	951,267	916,077	881,032	846,313	812,107	778,610	746,030	714,583	684,495	684,495	684,495

Ground Lease (not applicable)
	Begin UPB		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	New charge			-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	CF Payment	TBD	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	to Interest	0.000%		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	to Principal		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	End UPB		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Sponsor Loan #1 - ARPA $ & GAP (cash flow)
	Begin UPB		-	2,420,260	2,492,868	2,567,654	2,644,683	2,724,024	2,805,745	2,889,917	2,976,615	3,065,913	3,157,890	3,252,627	3,350,206	3,450,712	3,450,712	3,450,712	3,450,712	3,452,457
	Interest Charge	3.000%	-	72,608	74,786	77,030	79,341	81,721	84,172	86,698	89,298	91,977	94,737	97,579	100,506	103,521	103,521	103,521	103,521	103,574
	CF Payment		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,745	448
	to Interest		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,745	448
	to Principal		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	End UPB		-	2,492,868	2,567,654	2,644,683	2,724,024	2,805,745	2,889,917	2,976,615	3,065,913	3,157,890	3,252,627	3,350,206	3,450,712	3,450,712	3,450,712	3,450,712	3,452,457	3,452,905

Sponsor Loan #2 - HOME $ (cash flow)
	Begin UPB		-	600,000	618,000	695,030	774,370	856,091	940,263	1,026,961	1,116,259	1,208,237	1,302,973	1,400,552	1,501,058	1,604,580	1,708,101	1,811,622	1,915,144	2,016,972
	Interest Charge	3.000%	-	18,000	18,540	20,851	23,231	25,683	28,208	30,809	33,488	36,247	39,089	42,017	45,032	48,137	51,243	54,349	57,454	60,509
	CF Payment		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,745	448
	to Interest		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,745	448
	to Principal		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	End UPB			618,000	695,030	774,370	856,091	940,263	1,026,961	1,116,259	1,208,237	1,302,973	1,400,552	1,501,058	1,604,580	1,708,101	1,811,622	1,915,144	2,016,972	2,016,524

TOTAL NON-RECOURSE DEBT EOY - 7,808,730 7,904,837 8,001,995 8,101,574 8,203,747 8,308,696 8,416,604 8,527,661 8,642,060 8,760,001 8,881,686 9,007,322 9,030,496 9,051,746 9,071,102 9,117,138 9,055,917

Depreciation

SANCTUARY
DEPRECIATION & AMORTIZATION SCHEDULES				TAX CREDIT PERIOD										COMPLIANCE PERIOD					EXIT		TOTALS
		Total	Lease-Up	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	FOR
		Amount	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039	2040	2041	2042	2043	15 YEARS
			0%	100%
	Depreciation
	Property - First Year	1,102,109	-	1,102,109																	1,102,109
	Property - 15 year - MACRS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-			-
	Property - 30 year	20,049,904	-	668,330	668,330	668,330	668,330	668,330	668,330	668,330	668,330	668,330	668,330	668,330	668,330	668,330	668,330	668,330			10,024,952

Amortization
Tax Credit fees - 15 year	133,000	-	8,867	8,867	8,867	8,867	8,867	8,867	8,867	8,867	8,867	8,867	8,867	8,867	8,867	8,867	8,867	133,000
Permanent loan fees - 30 year	50,000	-	1,667	1,667	1,667	1,667	1,667	1,667	1,667	1,667	1,667	1,667	1,667	1,667	1,667	1,667	1,667	25,000

TOTALS BY YEAR - 1,780,972 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 11,285,061

		CURRENT	LIHTC	First Year	15 Year	30 Year	15 Year	30 Year
		PROJECTIONS	Eligible	Depreciation	Depreciation	Depreciation	Amortization	Amortization
	USES OF FUNDS	TOTAL	Basis *	Property	Property	Property	Fees	Fees
1	GC On Site Work	794,909	794,909	794,909					Assume: First Year depreciation eligible
2	GC Basic Construction	10,831,647	10,831,647			10,831,647			change *** from 30 yr dep to 30 yr am
3	GC General Conditions	1,151,449	1,151,449			1,151,449
4	GC Contractor Profit & Overhead	527,594	527,594			527,594
5	GC Preconstruction fee	35,000	35,000			35,000
6	GC Construction Contingency - in GC contract	396,853	396,853			396,853
7	GC Performance Bond	101,505	101,505			101,505
8	GC General Hazard & Liability Insurance	80,539	80,539			80,539
9	GC Builder's Risk Insurance (paid by Owner)	139,465	139,465			139,465
10	Land acquisition (leased, not purchased)	1,000,000	-
11	Building acquisition	300,000	-			300,000
12	Utility Tap Fees	817,000	817,000			817,000
13	Building Permit fees	5,000	5,000			5,000
14	Power/Telecom Provider fees	50,000	50,000			50,000
15	Civil Engineering (included in Architecture)	50,000	50,000			50,000
16	Furniture, Fixtures & Equipment	281,989	281,989			281,989			change from 1st yr dep to 30 year dep
17	Owner-held contingency	705,356	705,356			705,356
18	Architect Design Services	634,342	634,342			634,342
19	Architect Supervision Services	140,965	140,965			140,965
20	Attorney, Owner real estate	25,000	25,000			25,000
21	Development/Financial Consultant	85,000	85,000			85,000
22	Survey Services	50,000	50,000			50,000
23	Materials Testing Fees	50,000	50,000			50,000
24	Construction Management, Owner	250,000	250,000			250,000
25	Market Studies	10,000	10,000			10,000
26	Environmental Studies, PCNA, Geotech	5,000	5,000			5,000
27	Tax Credit fees to CHFA	111,500	-				111,500
28	Tax Credit compliance fees to CHFA	21,500	-				21,500
29	Appraisal	10,000	10,000			10,000
30	Cost Certification	12,000	12,000			12,000
31	Partnership legal & organization	90,000	-			90,000
32	Soft Cost contingency	75,000	75,000			75,000
33	Construction loan origination fees (proportional)	87,000	87,000			87,000
34	Construction loan interest	614,400	307,200	307,200		307,200			change *** from 30yr dep to 1st year expense
35	Construction lender inspection fees	20,000	20,000			20,000
36	Construction lender legal, due diligence	50,000	50,000			50,000
37	Construction loan, title & recording fees	40,000	40,000			40,000
38	Permanent loan MIP, app fee	-	-					-	?? 30 yr am vs 18 yr am ??
39	Bond Issuer legal fees	-	-					-	?? 30 yr am vs 18 yr am ??
40	Permanent loan, legal, title & recording fees	50,000	-					50,000	?? 30 yr am vs 18 yr am ??
41	Tenant Services Reserve	-	-	-					Assume: First Year depreciation eligible
42	Rent-up Reserves	32,250	-
43	Operating Reserves	337,001	-
44	Developer Fee: deferred	1,200,000	1,200,000			1,200,000
45	Developer Fee: paid	1,435,000	1,435,000			1,435,000

TOTAL Uses of Funds 22,704,264 20,454,813 1,102,109 - 20,049,904 133,000 50,000

Depreciable & Amortized Assets	21,335,013	1,102,109	-	20,049,904	133,000	50,000
Land & Non-Depreciable Assets	1,000,000
TOTAL NET ASSETS (initial)	22,335,013

Waterfall

SANCTUARY		update:	1-Jul-24
WATERFALL PRIORITIES & RULES
		Total	Year 1	Annual Pymt	Interest
PAYMENTS FROM NET OPERATING INCOME		Obligation	Payment	Increase	on UPB
			(stabilized)
Required Debt Service & Payments
1	First Mortgage Debt Service	3,500,000	125,433	none	n/a
2	Reserve for Replacements deposit	annual	10,750	3.00%	n/a

Cash Flow Dependant Payments
3	LP Investor Services Fee	annual	6,000	3.00%	0.00%
4	Deferred Developer Fee payment	1,200,000	variable	0.00%	0.00%
5	Ground Lease (not applicable)	-	-	n/a	n/a
6	GP Partnership Management Fee	annual	25,000	3.00%	0.00%	payments begin after DDF fully paid
7	Sponsor Loan #1	-	variable	none	3.00%	@ AFR	50% of available CF after DDF paid off
8	Sponsor Loan #2	-	variable	none	3.00%	@ AFR	50% of available CF after DDF paid off

Remaining Cash Distribution
9	LP 99.99%	annual	variable	none	none
10	GP 00.01%	annual	variable	none	none

References

SANCTUARY
PUBLISHED REFERENCES
CHFA RENT & INCOME LIMITS
Effective:	2023		County:	ADAMS			County Median Income:			HUD Release Date:		May 15,2023
AMI	MAXIMUM RENTS					MAXIMUM INCOME LIMITS
	0 BR	1 BR	2BR	3BR	4BR	1 Person	2 Person	3 Person	4 Person	5 Person	6 Person	7 Person	8 Person
120%	2,607	2,793	3,351	3,873	4,320	104,280	119,160	134,040	148,920	160,920	172,800	184,680	196,680
100%	2,172	2,327	2,792	3,227	3,600	86,900	99,300	111,700	124,100	134,100	144,000	153,900	163,900
80%	1,738	1,862	2,234	2,582	2,880	69,520	79,440	89,360	99,280	107,280	115,200	123,120	131,120
70%	1,520	1,629	1,954	2,259	2,520	60,830	69,510	78,190	86,870	93,870	100,800	107,730	114,730
60%	1,303	1,396	1,675	1,936	2,160	52,140	59,580	67,020	74,460	80,460	86,400	92,340	98,340

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