All information should correlate with HTC Tax Credit Application.

     	     	
Development Name	Minnesota Housing HTC #  	

     	
Development Address	

	Initial		Commitment/Carryover		Placed In Service	     	
Application Stage	Date	

TAX CREDIT GAP CALCULATION
A.	Source of Funds (Do not include tax credit proceeds or owner equity contributions.)	
1.	     		$     	
2.	     		$     	
3.	     		$     
	
B.	Total Sources of Funds (Total A1 through A3)		$     	
C.	Total Development Cost		$     	
D.	Funding Gap (C minus B)		$     	
E.	 Equity Factor (The price received for each dollar of tax credits.  Use estimated price from syndicator.  Use price consistent with that used in the 402 application form .    At Placed-In-Service stage, use actual amount received per credit.)		$     	
F.	Ten Year Gap Tax Credit Available (D divided by E)		$     	
G.	Annual Gap Tax Credit Available (F divided by 10)		$     	
TAX CREDIT BASIS CALCULATION		30%  P.V.		70% P.V.	
H.	Eligible Basis (include high cost adjustment or basis boost, as appropriate)		$     		$     	
I.	Applicable Fraction		     %		     %	
J.	Qualified Basis  (H times I)		$     		$     	
K.	Applicable Percentage from U.S. Treasury at time of election (At either Carryover or Placed-In-Service.  Use best estimate if not yet elected.  Use percentage consistent with that used in the 402 application form).*		     %		     %	
L.	Tax Credits for Acquisition and Rehab/New Construction (J times K)		$     		$     	
M.	Combined Amount of Basis Tax Credits Available  (Sum of L)		$     	
N.	Maximum Tax Credits Allowed (the lower of Line G or M)**
		$     	
O.	Credit Amount Previously Allocated  (Date/Round:         Allocator:       )		$     	
P.	Additional Tax Credits to be Reserved or Allocated at this time**		$     	
Q.	Total Amount Reserved or Allocated to project. (O+P)**		$     	

*CAUTION:  Refer to the Amended 2014-2015 HTC Procedural Manual with respect to the use of the fixed or floating 9 percent applicable percentage.

**Actual tax credit allocations depend on the availability of tax credits from Minnesota Housing.  Additional tax credits are not allocated at Placed- In-Service/8609.