EXPLANATORY NOTES TO SCHEDULE 10-B: ESTIMATED DEVELOPMENT ...

MAXIMUM MORTGAGE LOAN: Percentage of total project cost and dollar amount. 11. 55% of BASIS TEST: The HMFA may finance projects utilizing tax-exempt bonds with the intention of being eligible for credits on 100% of the project’s eligible basis by satisfying the requirements established by the Internal Revenue Service 50% (the Agency uses 55% ... ................
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