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FINANCIAL REQUIREMENTS/INFORMATION <br />Financial award is based on availability of funds. Maximum funding is set at $8,000 per unit or not <br />grcatcr than 15% of cntirc projcct costbased on actual project need after a detailed financial analysis of <br />the Developer and the project. The City reserves the right to contract with a third -party for financial <br />analysis, which costs of said analysis are the responsibility of the Developer unless otherwise waived by <br />the City. Owner equity must be greater than 10%. <br />Eligible Uses of Funding <br />Eligible uses of funding include; site acquisition, land improvements, building construction, and payment <br />of development fees. The City will not waive development fees (park dedication, trail development, <br />sanitary sewer, stormwater) or permit fees). The City and Developer will need to work together to <br />identify a funding source for these fees if assistance is required specific to these fees. <br />Required Information <br />1. Sources and Uses Statement (below) <br />2. Financial Scoring Scorecard (bclow)• <br />3. Organizational Financial Statements (2 years of P&L and Balance Sheet) <br />4. Personal Financial Statements of Stakeholders and Tax Returns (2 years) <br />5. Project Pro forma/Projections (two [2jyear and fifteen [151 year projections) <br />6. Letter(s) of Commitment from other Funding Sources (terms, conditions) <br />7. Proof that the Property is not delinquent in Property Taxes <br />Sources and Uses <br />The Developer shall provide a detailed sources and uses statement. PINsc use the Sourccs and Uscs <br />xccl Sprcodshcct and includc as an attachmcnt. This shall include all sources of financing for the <br />project and how those funds will be used. The Applicant shall provide a detailed listing of each. <br />Owner equity shall be equity above and beyond any tax credit or grant source of funding. The City will <br />exclude any tax equity. <br />SOURCES <br />Owner Equity <br />Bank Loan <br />Other Loan <br />Fed. Grant/Loan <br />State Grant/Loan <br />TIF <br />Tax Abatement <br />Revolving Loan Fund <br />Other <br />AMOUNT ($) <br />TOTAL <br />USES <br />Land Acquisition <br />Site Development <br />Construction <br />Engineering/Arch. Services <br />Debt Service <br />Contingencies <br />Other <br />AMOUNT ($) <br />TOTAL <br />Housing Assistance Policy Final Draft —Affordable (034/2084/2014) <br />16 <br />Formatted: Heading 1 <br />1 <br />