This document compares the sources and uses of funds for four different tax-exempt bond programs that could finance 145 units across four properties in Oregon. It finds that a conduit bond program would result in total sources of $14.6 million and uses of $14.6 million, breaking even exactly. A risk share bond program would require $15.2 million in sources and uses, while a conduit OAHTC program would need $15.1 million in both sources and uses. A non-RD program using only OAHTC would need $15.1 million in sources and uses as well.

1. Oregon Comparison of Tax Exempt Bond Programs
OR-4 Conduit NO
Risk Share Conduit OAHTC
Non-RD OAHTC
4 Properties Totals Totals Totals Totals
Number of Units: 145 145 145 145
SOURCES:
LIHTC Equity 3,976,035 3,524,836 3,605,769 3,606,150
Trust Fund 1,338,400 1,285,000 1,205,610 2,905,050
LI Weatherization Program 0 290,000 480,000 480,000
Tax Exempt Bonds 8,850,000 8,010,000 8,575,000 6,855,000
RD Loan 0 1,000,000 1,000,000 1,000,000
GP Loans / Owner Contribution 444,148 480,000 290,000 290,000
Deferred Developer Fee 808,000 0 0 0
Total Sources: 15,416,583 14,589,836 15,156,379 15,136,200
Added Bond for 50% Test 1,212,121
USES:
Acquisitions:
Land Price 1,945,000 1,945,000 1,945,000 1,945,000
Improvements 4,865,000 4,865,000 4,865,000 4,865,000
Prepayment Penalties 233,201
Total Acquisitions: 7,043,201 6,810,000 6,810,000 6,810,000
Construction Costs:
Contingency 402,889 597,776 597,776 597,776
Other Construction Costs 3,897,730 3,897,730 3,897,730 3,897,730
Total Construction: 4,300,620 4,495,506 4,495,506 4,495,506
Development:
Phase l Report & WDO 25,414 25,414 25,414 25,414
Survey 18,022 18,022 18,022 18,022
Property Needs Assessment 16,344 16,344 16,344 16,344
Other Development Costs 58,663 58,663 58,663 58,663
Total Development: 118,444 118,444 118,444 118,444
General Fees:
Appraisals 33,600 33,600 33,600 33,600
Architect/Engineering 353,400 353,400 353,400 353,400
Legal/Accounting 87,039 87,039 87,039 87,039
Legal Costs For Construction 74,999 74,999 74,999 74,999
Developer Fee 1,398,406 1,310,848 1,384,745 1,382,113
Total General Fees: 1,947,445 1,859,887 1,933,784 1,931,152
Construction Loan Costs/Fees:
Loan Construction Fees 152,861 45,319 45,319 45,319
Surety Bond 7,353
Bridge Loan Fees 0 0 0 0
Permanent Loan Fees:
Permanent Loan/Closing Fees 44,250 0 0 0
Tax Credit Fees:
Tax Credit Fees - OHCS & WFB 29,526 26,415 26,415 26,415
Tax Credit Cost Certification 24,000 24,000 24,000 24,000
Tax Credit Asset Mgmt Fees 46,001 535,000 535,000 535,000
Total Credit Fees: 99,527 585,415 585,415 585,415
Bond Issuance Fees:
Cost of Bond Issuance 88,500 160,200 102,750 68,550
OHCS 1% Fee 193,000 0 172,000 184,300
OHCS Bond Annual Admin Fee 122,750 0 145,500 194,000
Other Bond Fees 14,401 0 223,563 223,417
Total Bond Issuance Fees: 418,651 160,200 643,813 670,267
Added COI for 50% Test 74,242

2. Interest:
Construction Period Portion 268,000
Acquisition Portion 390,631 232,567 241,600 197,599
Other: Lease-up Period Portion 228,880
Total Interest: 887,511 232,567 241,600 197,599
Reserves/Contingencies:
Lease-up / Operating Reserve 0 0 0 0
Development 15,000 20,000 20,000 20,000
Tenant Dislocation Costs 262,500 262,500 262,500 262,500
Deposit to Replacement Reserves 0 0 0 0
3 Mos Debt Service 119,221 0 0 0
Total Reserves/Contingencies: 396,721 282,500 282,500 282,500
Total Uses of Funds: 15,416,583 14,589,836 15,156,379 15,136,200
Surplus / (Gap Funding) 0 (0) (0) 0