Section A to be completed by Applicant/Owner and Section B to be signed by Lender.
Note: In providing the requested certification, the lending institution must reference and be aware of information contained in the Minnesota Housing “Multifamily Workbook,” which was prepared by the Applicant/Owner. The lending institution must also reference and be aware of the underwriting requirements contained in the “Multifamily  Underwriting Standards” that can be found on Minnesota Housing’s website. Minnesota Housing will look for these Standards to be maintained unless we have approved adjustments.

Section A
Development Name:       	Development Address:       

Annual Gross Potential Rent 	$     
Annual Other Income		$     
Less Vacancy Loss:		$     
(vacancy loss should be based upon rental and other income)
(Rental Vacancy rate:      )

Less Maintenance and Operating Expenses
M&O Expenses per unit/year 	$     
Total M&O Expenses for all units/year	$     

Less Real Estate Tax	$     

Less Replacement and Decorating Reserves	$     
($300 per unit senior/$450 per unit family and other unit types)

Subtotal Net Operating Income (NOI)	$     

Debt Service Coverage Ratio: Year 1        Year 15 __     ______

NOI Available for Debt Service	$     

Mortgage Amount:   $          Rate            Term      

Fully Amortizing?	Yes	No	Insured?	Yes	No

Insurance Program/Mortgage Product used:             

Section B
We certify the above named development was underwritten utilizing the information provided in this exhibit. We certify this information meets or exceeds Minnesota Housing’s Multifamily Underwriting Standards and reflects the pro forma structure in the Applicant/Owner Multifamily Workbook. 

Note: If the underwriting above is not consistent with the Multifamily  Underwriting Standards, the Lending Institution must provide a detailed explanation as an attachment to this form.

	     	
	Lending Institution	

	     	
	Signature	

	     	
	Name of Authorized Signatory	

	     	
	Title	

	     	
	Date