FINAL COST CERTIFICATION JULY 12 DRAFT



ANNEX M:INDEPENDENT AUDITOR’S REPORTFINAL COST CERTIFICATION FORMTEXT (Must be submitted with Final Cost Certification) FORMTEXT (To be submitted under Accounting’s Firm Letterhead)Date: FORMTEXT ?????To:Puerto Rico Housing Finance AuthorityP.O. Box 71361San Juan, PR 00936-8461Re: FORMTEXT Name of Project FORMTEXT Address of Project FORMTEXT Project Owner FORMTEXT Project Building Identification Number (BIN)We have audited the costs included in the accompanying Puerto Rico Housing Finance Authority (PRHFA) Final Cost Certification of FORMTEXT insert Owner's name (the “Owner”) for FORMTEXT (insert Project's Name) (Project) as of FORMTEXT ?????, 20 FORMTEXT ???. The Final Cost Certification is responsibility of the Owner and the Owner’s management. Our responsibility is to express an opinion on the Final Cost Certification based on our audit.We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Final Cost Certification is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Final Cost Certification. An audit includes assessing the accounting principles used and significant estimates made my management, as well as evaluating the overall Final Cost Certification presentation. We believe that our audit provides a reasonable basis for our opinion.The accompanying Final Cost Certification was prepared in conformity with the accounting practices prescribed by the Internal Revenue Service, under the accrual method of accounting, and in conformity with the format and qualified allocation plan rules set by PRHFA, which is a comprehensive basis of accounting other than generally accepted accounting principles.In our opinion the Final Cost Certification presents fairly, in all material respects, the actual costs of FORMTEXT ?$???? and eligible basis of FORMTEXT ?$???? of the Owner for the Project as of FORMTEXT ?????, 20 FORMTEXT ???, on the basis of accounting described above. In our opinion the eligible basis of this Project includes all debt instruments, used as part of the financing of the Project, which met the all events test of the IRS and as such may be included in eligible basis.This report is intended solely for the information and use of Project Owner and Owner’s management and for filing with PRHFA and should not be used for any other purpose.We have no financial interest in the Project other than in the practice of our profession./s/Independent Auditor FORMTEXT ?????City, State FORMTEXT ?????DateINDEPENDENT AUDITOR’S REPORTFINAL COST CERTIFICATIONSCHEDULE A: ITEMIZED COSTS & ELIGIBLE BASISITEMIZED COSTSFinal CostsEligible Basis by Credit TypeLAND AND BUILDING 4% Credit9% Credit1Land Costs$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????2Existing Structures$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????3Acquisition Fees$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????4Other: FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????5TOTAL$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????SITE WORK6On-site Work$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????7Off-site Work$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????8Other: FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????9TOTAL$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????REHABILITATION OR CONSTRUCTION COSTS10New Building$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????11Rehabilitation$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????12Accessory Buildings$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????13Contractor Overhead$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????14Contractor Profit$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????15General Requirements$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????16Construction Contingency$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????17Fees$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????18Other: FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????19TOTAL$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????PROFESSIONAL FEES20Design$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????21Supervision$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????22Engineer/Surveyor$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????23Real Estate Attorney$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????24Consultant Fees$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????25Other: FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????26TOTAL$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????INTERIM COSTS27Insurance$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????28Bond Premium$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????29Construction Loan Interest$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????30Loan Origination Fee$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????31Taxes and Fees$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????32Title and Recording$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????33Other: FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????34TOTAL$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????PERMANENT FINANCING35Bond Premium$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????36Credit Report$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????37Loan Origination Fee$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????38Legal Fees$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????39Title and Recording$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????40Other: FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????41TOTAL$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????SOFT COSTS42Market Study$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????43Environmental Study$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????44Appraisal$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????45Tax Credit Fees$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????46Cost Certification$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????47Rent Up$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????48Other: FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????49TOTAL$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????SYNDICATION COSTS 50Organizational$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????51Tax Opinion and Title Policy$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????52Other: FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????53TOTAL$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????DEVELOPER FEES54Developer Fees$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????55Consultant$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????56Other: FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????57TOTAL$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????PROJECT RESERVES58Rent Up$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????59Operating Reserve$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????60Other: FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????61TOTAL$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????OTHERS62Working Capital$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????63Bridge Loan$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????64Other: FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????65TOTAL$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????66TOTAL DEVELOPMENT COSTS$ FORMTEXT ?????$ FORMTEXT ?????$ FORMTEXT ?????SCHEDULE B: QUALIFIED BASIS TESTTotal Development Costs (Line 66 from Schedule A): FORMTEXT ?$????Less Costs Ineligible for Tax Credit Basis (from Schedule A):Land(Line 5) FORMTEXT ?$????Market Study (Line 42) FORMTEXT ?$????Permanent Financing Fees (Line 41) FORMTEXT ?$????Syndication Costs (Line 53) FORMTEXT ?$????Project Reserves (Line 61) FORMTEXT ?$????Other: FORMTEXT ????? FORMTEXT ?$????Other: FORMTEXT ????? FORMTEXT ?$????Eligible Basis FORMTEXT ?$????Difficult to Develop Area Adjustment, if applicable 130 %Adjusted Eligible Basis FORMTEXT ?$????(Qualified Basis x 130%)Applicable FractionThe smaller of the unit fraction (Low-Income (LI) Units/total units) or floor space fraction (LI unit floor space/Total residential unit floor space)Unit FractionFloor Space FractionTotal Units FORMTEXT ?????Total Unit Space FORMTEXT ?????Total LI Units FORMTEXT ?????Total L-I Space FORMTEXT ????? FORMTEXT ???%?Qualified Basis (Applicable Fraction x Eligible Basis) FORMTEXT ?$????Tax Credit Rate (as stated in Carryover Allocation Agreement) FORMTEXT ????%?Annual Tax Credit – Qualified Basis Test FORMTEXT ?$????(Total Eligible Basis x Tax Credit Rate)SCHEDULE C: EQUITY GAP TESTTotal Development Costs(Line 66 from Schedule A) FORMTEXT ?$????Permanent Financing Sources First Mortgage: FORMTEXT $????Second Mortgage FORMTEXT ? ????Grants FORMTEXT ? ????Owner Equity FORMTEXT ? ????Other: FORMTEXT ????? FORMTEXT ? ????TOTAL FORMTEXT ?$????Equity Gap FORMTEXT ?$????(Line 1 less Line 2 Total)Syndication Rate (net cent per credit $) FORMTEXT ?? ???Investor Ownership Percentage FORMTEXT ?? ???10 year Credit Allocation FORMTEXT ?$????[Line 3/(Line 4 multiplied by Line 5)]Annual Credit – Equity Gap Test FORMTEXT ?$????(Line 6 divided by 10)Schedule D:ANNUAL TAX CREDIT DETERMINATIONTax Credit Allocation FORMTEXT ?$????(From Carryover Allocation Agreement)Annual Tax Credit – Qualified Basis Test FORMTEXT ?$????(Schedule B – Line 6)Annual Tax Credit – Equity Gap Test FORMTEXT ?$????(Schedule C - Line 7)Final Tax Credit Determination FORMTEXT ?$????(the lowest amount between lines A, B or C)Returned Credits (Line A less Line D) FORMTEXT ?$????(If zero or less, enter 0)Schedule E: Qualified Basis on a Building by Building Basis:??30%PV70% PVAddressEligibleBasisSquareFeetApplicableFractionQualifiedBasisLIHTCAllocationPlace in ServiceEligibleBasisSquareFeetApplicableFractionQualifiedBasisLIHTCAllocationPlace in Service(must be complete)DateDate1)? 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