+---------------------+---+-----------------------+---+-----------------+
| **Mixed-Finance     |   | **U.S. Department of  |   | OMB Approval    |
| Rental**            |   | Housing**             |   | No. 2577-0033   |
|                     |   |                       |   |                 |
| **Term Sheet**      |   | **and Urban           |   | (exp.           |
|                     |   | Development**         |   | 8/31/2007)      |
|                     |   |                       |   |                 |
|                     |   | Office of Public and  |   |                 |
|                     |   | Indian Housing        |   |                 |
|                     |   |                       |   |                 |
|                     |   | Office of Public      |   |                 |
|                     |   | Housing Investments   |   |                 |
+---------------------+---+-----------------------+---+-----------------+

Public reporting burden for this collection of information is estimated
to average 16 hours per response, including the time for reviewing
instructions, searching existing data sources , gathering and
maintaining the data needed, and completing and reviewing the collection
of information. This agency may not collect this information, and you
are not required to complete this form, unless it displays a currently
valid OMB control number.

This collection of information is required for developing a
Mixed-Finance rental project pursuant to HUD regulations 24 CFR 941.600.
The information will be used to provide HUD with sufficient information
to enable a determination that the proposed homeownership project is
demographically and financially feasible and that HUD statutory and
regulatory requirements have been met.

The term sheet consists of four sections that are to be filled out by
the PHA as part of the Mixed-Finance Proposal and submitted to the HUD
Grant Manager for presentation to the Project Review Panel:

### Specific Phase Project Summary: A one-paragraph narrative description of the specific phase for posting on the HUD web site.

A.  **Program Overview:** A description of the overall development
    program, financing, and schedule.

B.  **Specific Phase Overview:** A description of the program details
    for the specific phase under review.

C.  **Statement of Business Terms:** A description of the deal terms
    between the PHA and other parties for the specific phase under
    review.

# A. Specific Phase Project Summary

*Purpose:* To provide a short summary description of the specific phase
under review for posting on HUD's web site. Other PHAs can then review
the summary of closed phases to find PHAs with similar deals and can
contact those authorities for information, sample documents, etc.

*Instructions:* Provide a brief narrative that describes the specific
phase to be reviewed. Include the following information:

-   The overall unit count broken down by unit type (i.e., ACC, LIHTC,
    ACC/LIHTC, market, etc.);

-   Sources of funding;

-   The names of the major partners;

-   The building type(s) being constructed (e.g., row,
    detached/semi-detached, walk-up, etc.);

-   Any non-residential or mixed uses;

-   Any elderly designated units in the phase;

-   Any unusual features of the phase (e.g., a land swap, commercial
    facilities, operating subsidy only units, scattered site acquisition
    and development, etc.).

  ----------------- ------- ------- ------- ------- ---------------- --------------------------------------
  *Name of PHA:*                                                     

  *Name of                                                           
  Development:*                                                      

  *HOPE VI Grant                                                          
  No./Development                                                    
  Project No.:*                                                      

  *Contact Name:*                                                    

  *Contact Phone                                                     
  No.:*                                                              

  *Narrative:*                                                       
  ----------------- ------- ------- ------- ------- ---------------- --------------------------------------

**B. Program Overview**

*Purpose of this section:* To provide a context for reviewing the
overall project.

## **Proposed Unit Mix** 

*Purpose:* To provide the unit mix for the overall project so that HUD
can evaluate the current phase in context.

*Instructions:* Complete the Excel spreadsheet **Unit Mix Entire
Project** to describe the proposed unit mix for the entire project.

I.  **Non-Residential Uses**

    Purpose: To describe the types of non-residential uses for the
    overall project so that HUD can evaluate the current phase in
    context.

    Instructions: For each **non-residential** building planned,
    complete the following table for the overall project.

  ------------------------ ---------- ------------- ------------- -------
  Building Name/Use(s)     Gross      Developer     Owner         Phase
                           Square                                 
                           Feet                                   

                                                                       

                                                                       

                                                                       

                                                                       
  ------------------------ ---------- ------------- ------------- -------

II. **Key Milestones for the Project**

*Purpose:* To ascertain where the PHA is in the development process with
regard to its program schedule and the schedule requirements of the
Grant Agreement.

*Instructions:* Complete the following table by listing the dates
(actual or anticipated, as appropriate) for the listed project
milestones.

+----------------------------------------------------------+-----------+
| Milestone                                                | Date      |
+----------------------------------------------------------+-----------+
| > Effective Date of Grant Agreement                      | >         |
+----------------------------------------------------------+-----------+
| > Date of HUD Approval of the Revitalization Plan or     | >         |
| > Supplemental Submissions                               |           |
+----------------------------------------------------------+-----------+
| > Residential Construction Start (First Phase)           | >         |
+----------------------------------------------------------+-----------+
| > Residential Construction Completion (Final Phase)      | >         |
+----------------------------------------------------------+-----------+
| > Lease-Up (Final Phase)                                 | >         |
+----------------------------------------------------------+-----------+

IV. **Project Sources and Uses**

*Purpose:* To provide an overview of the permanent sources and uses for
the entire project.

*Instructions:* Complete the Excel spreadsheet **Exhibit F Entire
Project Budget** to describe the projected sources and uses for the
entire project, including all rental, homeownership, and nonresidential
phases.

# C. Specific Phase Overview

*Purpose of this section:* To provide the information on phase
components, budget, and schedule needed to review the business terms for
the specific phase under review.

## **Proposed Unit Mix** 

Purpose: To describe the housing number, type, and bedroom count as
required by 24 CFR 941.606(d).

*Instructions:* Complete the Excel spreadsheet **Unit Mix Phase** to
describe the unit mix for the specific phase under review.

## **Non-Residential Uses**

Purpose: To describe the types and amounts of non-dwelling space as
required by 24 CFR 941.606(d).

Instructions: Complete the following table for the specific phase under
review.

  ---------------------------- ---------- --------------- ---------------
  Building Name/Use(s)         Gross      Developer       Owner
                               Square                     
                               Feet                       

                                                               

                                                               

                                                               

                                                               

                                                               
  ---------------------------- ---------- --------------- ---------------

III. **Key Milestones**

*Purpose:* To provide HUD with the status of the phase, to establish the
timeline for phase completion, and to identify which party is
responsible for each activity for the phase under review.

*Instructions:* Complete the chart below for the specific phase under
review. Indicate whether the activity listed is appropriate for the
phase, provide a date for actual or anticipated dates of completion, and
check the party responsible for the implementation of the activity. If a
box is shaded, it is not applicable and does not need to be completed.
Provide any comments in the Activity column.

+-------------------------------------+--------+----------------------+
| Activity                            | Date   | Responsible Party    |
+=====================================+========+======================+
| Program Manager under Contract N/A  |        |                      |
+-------------------------------------+--------+----------------------+
|                                     |        |                      |
+-------------------------------------+--------+----------------------+
| Predevelopment Agreement Signed N/A |        |                      |
+-------------------------------------+--------+----------------------+
|                                     |        |                      |
+-------------------------------------+--------+----------------------+
| Development Agreement Signed N/A    |        |                      |
+-------------------------------------+--------+----------------------+
|                                     |        |                      |
+-------------------------------------+--------+----------------------+
| Community and Supportive Services   |        | PHA Staff or         |
| Oversight N/A                       |        | Consultants          |
|                                     |        |                      |
|                                     |        | Developer            |
|                                     |        |                      |
|                                     |        | Other:               |
+-------------------------------------+--------+----------------------+
|                                     |        |                      |
+-------------------------------------+--------+----------------------+
| Site Acquisition Proposal Approval  |        | PHA Staff or         |
| from HUD N/A                        |        | Consultants          |
|                                     |        |                      |
|                                     |        | Developer            |
|                                     |        |                      |
|                                     |        | Other:               |
+-------------------------------------+--------+----------------------+
|                                     |        |                      |
+-------------------------------------+--------+----------------------+
| Acquisition/Site Control N/A        |        | PHA Staff or         |
|                                     |        | Consultants          |
|                                     |        |                      |
|                                     |        | Developer            |
|                                     |        |                      |
|                                     |        | Other:               |
+-------------------------------------+--------+----------------------+
|                                     |        |                      |
+-------------------------------------+--------+----------------------+
| Demolition Approval from HUD N/A    |        | PHA Staff or         |
|                                     |        | Consultants          |
|                                     |        |                      |
|                                     |        | Developer            |
|                                     |        |                      |
|                                     |        | Other:               |
+-------------------------------------+--------+----------------------+
|                                     |        |                      |
+-------------------------------------+--------+----------------------+
| Disposition Approval from HUD N/A   |        | PHA Staff or         |
|                                     |        | Consultants          |
|                                     |        |                      |
|                                     |        | Developer            |
|                                     |        |                      |
|                                     |        | Other:               |
+-------------------------------------+--------+----------------------+
|                                     |        |                      |
+-------------------------------------+--------+----------------------+
| Relocation Plan Approval from HUD   |        | PHA Staff or         |
| N/A                                 |        | Consultants          |
|                                     |        |                      |
|                                     |        | Developer            |
|                                     |        |                      |
|                                     |        | Other:               |
+-------------------------------------+--------+----------------------+
|                                     |        |                      |
+-------------------------------------+--------+----------------------+
| Relocation Completion N/A           |        | PHA Staff or         |
|                                     |        | Consultants          |
|                                     |        |                      |
|                                     |        | Developer            |
|                                     |        |                      |
|                                     |        | Other:               |
+-------------------------------------+--------+----------------------+
|                                     |        |                      |
+-------------------------------------+--------+----------------------+
| Abatement and Demolition Completion |        | PHA Staff or         |
| N/A                                 |        | Consultants          |
|                                     |        |                      |
|                                     |        | Developer            |
|                                     |        |                      |
|                                     |        | Other:               |
+-------------------------------------+--------+----------------------+
|                                     |        |                      |
+-------------------------------------+--------+----------------------+
| LIHTC Application Submission N/A    |        | PHA Staff or         |
|                                     |        | Consultants          |
|                                     |        |                      |
|                                     |        | Developer            |
|                                     |        |                      |
|                                     |        | Other:               |
+-------------------------------------+--------+----------------------+
|                                     |        |                      |
+-------------------------------------+--------+----------------------+
| Award of LIHTC Allocation N/A       |        | PHA Staff or         |
|                                     |        | Consultants          |
|                                     |        |                      |
|                                     |        | Developer            |
|                                     |        |                      |
|                                     |        | Other:               |
+-------------------------------------+--------+----------------------+
|                                     |        |                      |
+-------------------------------------+--------+----------------------+
| Environmental Review Approval from  |        | PHA Staff or         |
| HUD and ROF Statement N/A           |        | Consultants          |
|                                     |        |                      |
|                                     |        | Developer            |
|                                     |        |                      |
|                                     |        | Other:               |
+-------------------------------------+--------+----------------------+
|                                     |        |                      |
+-------------------------------------+--------+----------------------+
| Closing N/A                         |        | PHA Staff or         |
|                                     |        | Consultants          |
|                                     |        |                      |
|                                     |        | Developer            |
|                                     |        |                      |
|                                     |        | Other:               |
+-------------------------------------+--------+----------------------+
|                                     |        |                      |
+-------------------------------------+--------+----------------------+
| Infrastructure Construction Start   |        | PHA Staff or         |
| N/A                                 |        | Consultants          |
|                                     |        |                      |
|                                     |        | Developer            |
|                                     |        |                      |
|                                     |        | Other:               |
+-------------------------------------+--------+----------------------+
|                                     |        |                      |
+-------------------------------------+--------+----------------------+
| Residential Construction Start N/A  |        | PHA Staff or         |
|                                     |        | Consultants          |
|                                     |        |                      |
|                                     |        | Developer            |
|                                     |        |                      |
|                                     |        | Other:               |
+-------------------------------------+--------+----------------------+
|                                     |        |                      |
+-------------------------------------+--------+----------------------+
| Residential Construction Completion |        | PHA Staff or         |
| N/A                                 |        | Consultants          |
|                                     |        |                      |
|                                     |        | Developer            |
|                                     |        |                      |
|                                     |        | Other:               |
+-------------------------------------+--------+----------------------+
|                                     |        |                      |
+-------------------------------------+--------+----------------------+
| Lease-Up N/A                        |        | PHA Staff or         |
|                                     |        | Consultants          |
|                                     |        |                      |
|                                     |        | Developer            |
|                                     |        |                      |
|                                     |        | Other:               |
+-------------------------------------+--------+----------------------+
|                                     |        |                      |
+-------------------------------------+--------+----------------------+

IV. **Ownership**

*Purpose:* To provide HUD with a list of the partners of the ownership
entity (i.e., general partner, limited partner, special limited partner,
etc.) and a description of each role as required by 24 CFR 941.606(a).

*Instructions:* Complete the following table to list the proposed
partners of the ownership entity and to describe their ownership
interest and function for the specific phase under review.

  ---------------------------------------------------------------------------
  Proposed Partner   **     **                        \%          **     **
  1:                                                  Interest:   
  ------------------ -------------------------------- ----------- -----------
  Function(s)                                                     
  Exercised:                                                      

                                                                  

  Proposed Partner   **     **                        \%          **     **
  2:                                                  Interest:   

  Function(s)                                                     
  Exercised:                                                      

                                                                  

  Proposed Partner   **     **                        \%          **     **
  3:                                                  Interest:   

  Function(s)                                                     
  Exercised:                                                      

                                                                  

  Proposed Partner   **     **                        \%          **     **
  4:                                                  Interest:   

  Function(s)                                                     
  Exercised:                                                      
  ---------------------------------------------------------------------------

V.  **Sources and Uses**

*Purpose:* To provide an understanding of the sources and uses as
required by 24 CFR 941.606(b) for the specific phase under review. HUD
will be evaluating: whether the sources listed are sufficient to build
the project, considering timing of sources; which sources are
construction (temporary) vs. permanent; the terms of loans; the terms of
grants; whether the public housing funds are bearing the appropriate pro
rata share; and whether the uses appear reasonable.

*Instructions:* Complete the Excel spreadsheet **Exhibit F-1 Phase
Budget** to describe the sources and uses for the specific phase under
review. Complete both permanent and construction sources and uses.

VI. **TDC Calculation**

*Purpose:* To determine whether the proposed activities for the phase
under review are within HUD's Total Development Cost Limits. For
information on TDC, see Notice PIH 2001-22 and refer to 24 CFR
941.606(g).

*Instructions:* Complete the Excel spreadsheet **TDC & Instructions** to
calculate the TDC for the specific phase under review.

# D. Business Terms

*Purpose of this section:* To evaluate whether the business terms
proposed constitute an appropriate use of public funds. HUD will
evaluate the costs of the project against its Cost Control and Safe
Harbor standards in light of the risks taken by the developer and PHA.
To determine whether the phase meets HUD's cost guidelines and to
evaluate the risks associated with the phase, PHAs should refer to the
February 23, 2000 Cost Control and Safe Harbor Standards for Rental
Mixed-Finance Development. These guidelines are available on the HUD web
page at: <http://www.hud.gov/pih/programs/ph/hope6/control.pdf>.

I.  **Developer Compensation**

*Instructions:* Provide the following information for the net developer
fee as defined in the Cost Control and Safe Harbor Standards for the
specific phase under review. Express all fee amounts as a percentage of
the overall project costs. HUD will verify the stated percentages
against the provided sources and uses. If necessary, provide a
justification for any term(s) above the HUD Safe Harbor Standards.

  ------------------------------------------------------- ---------------
  Net developer fee for the specific phase under review:       %

  ------------------------------------------------------- ---------------

Is the developer receiving any compensation negotiated separately from
the developer fee? Yes No

If so, in the following table, list any other tasks for which the
Developer is being compensated (e.g., master planning, relocation, CSS,
etc.) and the amount of compensation.

  -------------------------------------------------------- --------------
  Task                                                     Compensation

                                                           \$      

                                                           \$      

                                                           \$      
  -------------------------------------------------------- --------------

Justification for Developer Fees above Safe Harbor Standards:

  -----------------------------------------------------------------------
       

  -----------------------------------------------------------------------

II. **Pay-Out Schedule for Developer Fee/Overhead**

*Instructions:* For the specific phase under review, provide the
milestone at which the developer receives compensation (e.g., closing,
50% construction completion, stabilized occupancy) and the percentage of
the total developer fee that is to be paid (percentages should total
100%) as defined in the Cost Control and Safe Harbor Standards. If the
Developer is being reimbursed for overhead prior to closing, provide a
justification in the space below the table and confirm that the
compensation is structured as a loan.

+--------------------------------------------------------+-------------+
| Milestone                                              | \% of Total |
|                                                        | Developer   |
|                                                        | Fee         |
+--------------------------------------------------------+-------------+
|                                                        | >           |
|                                                        | ***     *** |
+--------------------------------------------------------+-------------+
|                                                        | >           |
|                                                        | ***     *** |
+--------------------------------------------------------+-------------+
|                                                        | >           |
|                                                        | ***     *** |
+--------------------------------------------------------+-------------+
|                                                        | >           |
|                                                        | ***     *** |
+--------------------------------------------------------+-------------+

Justification for deviating from the Safe Harbor Standard (if
applicable):

  -----------------------------------------------------------------------
       

  -----------------------------------------------------------------------

Justification for providing a loan to the developer prior to closing (if
applicable):

  -----------------------------------------------------------------------
       

  -----------------------------------------------------------------------

III. **Sharing of Third-Party Predevelopment Costs and Reimbursement
     Schedule**

*Instructions:* Complete the following table for the specific phase
under review. For each of the primary predevelopment costs indicate the
percentages to be borne by the PHA and the developer. If necessary,
provide a justification for any term(s) above the HUD Safe Harbor
Standards.

  -------------------------------------------------- --------------------
  Estimated Amount of Predevelopment Costs:          \$      

                                                     

  Length of Predevelopment Period:                         months

                                                     

  Percentage Borne by PHA:                                %

                                                     

  Percentage Borne by Developer:                          %
  -------------------------------------------------- --------------------

Justification for PHA bearing greater than 75% of the predevelopment
costs (if applicable):

  -----------------------------------------------------------------------
       

  -----------------------------------------------------------------------

IV. **Identity of Interest Parties**

    Instructions: In the table below, disclose whether the Developer has
    an identity of interest with any party. For each identity of
    interest party, indicate what steps have been or will be taken to
    ensure cost competitiveness.

  -------------------------------------------------------------------------
  Party                Related      Cost Control Measures Planned/Completed
                       Entity?      
  -------------------- ------------ ---------------------------------------
  Builder/Contractor   Yes No            
  (waiver required                  
  from HUD)                         

  Property Manager     Yes No            

  Construction Manager Yes No            

  Investor\*           Yes No            

  Other (specify):     Yes No            
  -------------------------------------------------------------------------

\*Include both related entities and "preferred" entities.

V.  **Construction Fees**

Instructions: Fill in the following blanks to indicate the amount and
percentage for contractor profit, overhead, and general conditions for
the specific phase under review. In the space below, describe how any
construction savings will be allocated between the PHA and Developer. If
necessary, provide a justification for any term(s) above the HUD Safe
Harbor Standards.

  --------------------------------------------------- ------------------
  The amount and percentage for contractor's profit:  \$       =      %

  The amount and percentage for contractor's          \$       =      %
  overhead:                                           

  The amount and percentage for contractor's general  \$       =      %
  conditions:                                         

  Justification for fees in excess of HUD Safe Harbor 
  Standards (if applicable):                          

                                                      
  --------------------------------------------------- ------------------

Methodology for allocating construction savings:

  -----------------------------------------------------------------------
       

  -----------------------------------------------------------------------

VI. **Property Management Fees**

Instructions: Indicate whether the PHA or an outside firm will manage
the development. In the table below, check the applicable methodology
for determining property management fees and indicate the amount of the
proposed fee. Describe the amount of any incentive management fee(s) and
the conditions under which they are paid. If necessary, provide a
justification for any term(s) above the HUD Safe Harbor Standards.

Who is managing the mixed-finance development? PHA Private firm Joint
Venture

> (PHA/private)

**Method and Amount of Property Management Compensation**

  ------ ------------ ----------- ------------------ ------------ ---------------------
              %       of                                          
                      effective                                   
                      gross                                       
                      income                                      

                                                                  

         \$           PUM (all                                    
                      units)                                      

                                                                  

         \$           PUM                            \$           PUM (vacant units)
                      (occupied                                   
                      units) and                                  

                                                                  

         Other                                                    
         (specify):                                               
  ------ ------------ ----------- ------------------ ------------ ---------------------

Justification for property management fees in excess of HUD's Safe
Harbor Standards, if applicable, supported by a regional market
analysis:

  -----------------------------------------------------------------------
       

  -----------------------------------------------------------------------

Are there any incentive property management fees? Yes No

If yes, describe:

  -----------------------------------------------------------------------
       

  -----------------------------------------------------------------------

VII. **LIHTC Equity**

Instructions: If LIHTC are a funding source for this phase, provide the
following information.

  ------------------------------------------------------------ ----------
  What is the amount of the equity raise (cents on the dollar       ¢
  for 10-year allocation):                                     

  ------------------------------------------------------------ ----------

Describe the pay-in schedule for the equity:

+-------------------------------------------------+--------------------+
| Milestone/Anticipated Date                      | Amount             |
+-------------------------------------------------+--------------------+
|                                                 | > \$               |
+-------------------------------------------------+--------------------+
|                                                 | > \$               |
+-------------------------------------------------+--------------------+
|                                                 | > \$               |
+-------------------------------------------------+--------------------+
|                                                 | > \$               |
+-------------------------------------------------+--------------------+

VIII. **Allocation of Operating Subsidy**

Instructions: Indicate which of the following methodologies for
allocating operating subsidy from the PHA to the owner entity will be
used, and the estimated amount of operating subsidy to be provided on a
per-unit per month basis. (For more information on these methodologies,
refer to the Mixed-Finance Guidebook, Chapter 5.) In the space below,
provide a narrative that describes the methodology for allocating
operating subsidy, as required by 24 CFR 941.606(c).

  ---- --------------------------------------------------- --------- ------
       Prorata-share (based on number of units and bedroom \$        PUM
       sizes in phase compared to PHA portfolio overall)             

                                                                     

       Budget Based (based on actual gap between operating \$        PUM
       costs and rental income)                                      

                                                                     

       Negotiated (flat negotiated fee)                    \$        PUM

                                                                     

       Separate ACC                                        \$        PUM

                                                                     

       Other (describe):                                   \$        PUM
  ---- --------------------------------------------------- --------- ------

Description of Operating Subsidy Methodology:

  -----------------------------------------------------------------------
       

  -----------------------------------------------------------------------

IX. **Size and Use of Reserves**

Instructions: In the following table, for each of the project reserves
indicate its size (as a dollar amount or as a number of months or years
of ACC), how the reserve is replenished, the conditions under which it
can be accessed, and ownership of the reserve.

NOTE: Public housing funds can not be used for the initial funding of
reserves. Submission of the Rental Term Sheet constitutes certification
that the reserves are not funded with public housing funds. In addition,
HUD expects all reserves that are replenished by public housing funds to
remain with the project at the end of the tax-credit compliance period.
If this is not the case for any of the reserves (with the exception of
the exit tax reserve, which cannot be established [or]{.underline}
replenished with public housing funds), provide a justification for the
alternate reserve ownership where indicated.

  -------------------------- ---------------------- ------- ---------------
  Type of Reserve:                                  Size:        
  **Operating                                               
  Subsidy/ACC/Public                                        
  Housing**                                                 

  How is the reserve                                        
  capitalized?                                              

  How is the reserve                                        
  replenished?                                              

  When can the reserve be                                   
  accessed?                                                 

  Who owns the reserve?                                     

                                                            

  Type of Reserve:                                  Size:        
  **Operating Deficit**                                     

  How is the reserve                                        
  capitalized?                                              

  How is the reserve                                        
  replenished?                                              

  When can the reserve be                                   
  accessed?                                                 

  Who owns the reserve?                                     

                                                            

  Type of Reserve:                                  Size:        
  **Replacement**                                           

  How is the reserve                                        
  capitalized?                                              

  How is the reserve                                        
  replenished?                                              

  When can the reserve be                                   
  accessed?                                                 

  Who owns the reserve?                                     

                                                            

  Type of Reserve: **Exit                           Size:        
  Tax**                                                     

  How is the reserve                                        
  capitalized?                                              

  How is the reserve                                        
  replenished?                                              

  When can the reserve be                                   
  accessed?                                                 

  Who owns the reserve?                                     

                                                            

  Type of Reserve:                                  Size:        
  **Other:**                                                

  How is the reserve                                        
  capitalized?                                              

  How is the reserve                                        
  replenished?                                              

  When can the reserve be                                   
  accessed?                                                 

  Who owns the reserve?                                     
  -------------------------- ---------------------- ------- ---------------

Provide a justification for any unusual reserve structures, including
ownership of the reserves:

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X.  **Cash Flow, Program Income, and Fees to the PHA**

Instructions: Answer the following questions in narrative form for the
specific phase under review, as appropriate.

After payment of all expenses, how is cash flow distributed?

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  -----------------------------------------------------------------------

What are the expected sources of program income (e.g., repayments of
loans, PHA development fees, etc.) and what is the PHA's planned use for
this program income?

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  -----------------------------------------------------------------------

Complete the following table to indicate what fees (e.g., developer fee,
asset management fee, property management fee, etc.) are to be paid to
the PHA/PHA Affiliate.

  ---------------------------------------------------------- ------------
  Type of Fee/Description                                    Amount

                                                             \$      

                                                             \$      

                                                             \$      
  ---------------------------------------------------------- ------------

XI. **Additional Information on the Project**

Instructions: In narrative form, provide any additional information on
the project and business terms of which HUD should be aware when
reviewing the terms for this phase. Such issues might include:

-   unusual programs or fee structures HUD will need to evaluate;

-   justifications for any fees or structures proposed outside of HUD's
    Safe Harbor or Cost Control limitations;

-   effect of a consent decree on the mixed-finance project;

-   market concerns;

-   use of Capital Funds as bridge loan; and/or

-   other circumstances that will result in unusual terms or the need
    for a delayed or accelerated closing.

Narrative on additional project/phase information:

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XII. **Mixed-Finance Proposal Components**

The following chart summarizes the components of the mixed-finance
proposal and indicates in what form the component should be addressed:

+------------------------------+------------------+-------------------+
| Mixed-Finance Proposal       | Where to Address | Regulatory        |
| Section/Subsection           |                  | Citation          |
+==============================+==================+===================+
| 1.  *Activities*             |                  |                   |
+------------------------------+------------------+-------------------+
| ### Identificat              | Term Sheet       | 24 CFR 941.606(a) |
| ion of Participating Parties |                  |                   |
+------------------------------+------------------+-------------------+
| a)  Description of           | Term Sheet       | 24 CFR 941.606(a) |
|     Activities               |                  |                   |
+------------------------------+------------------+-------------------+
| b)  Legal and Business       | Term Sheet       | 24 CFR 941.606(a) |
|     Relationships            |                  |                   |
+------------------------------+------------------+-------------------+
|                              |                  |                   |
+------------------------------+------------------+-------------------+
| 2.  *Financing*              |                  |                   |
+------------------------------+------------------+-------------------+
| a)  Sources and Uses         | Term Sheet       | 24 CFR 941.606(b) |
+------------------------------+------------------+-------------------+
| b)  Ten Year Operating Pro   | Additional       | 24 CFR 941.606(b) |
|     Forma                    | Submissions      |                   |
+------------------------------+------------------+-------------------+
| c)  Documents Relating to    | Additional       | 24 CFR 941.606(b) |
|     Financing                | Submissions      |                   |
+------------------------------+------------------+-------------------+
| d)  Draw Schedule            | Additional       | 24 CFR 941.606(b) |
|                              | Submissions      |                   |
+------------------------------+------------------+-------------------+
|                              |                  |                   |
+------------------------------+------------------+-------------------+
| 3.  *Operating Subsidy       | Term Sheet       | 24 CFR 941.606(c) |
|     Methodology*             |                  |                   |
+------------------------------+------------------+-------------------+
|                              |                  |                   |
+------------------------------+------------------+-------------------+
| 4.  *Development             |                  |                   |
|     Description*             |                  |                   |
+------------------------------+------------------+-------------------+
| a)  Number and Type of       | Term Sheet       | 24 CFR 941.606(d) |
|     Public Housing Units w/  |                  |                   |
|     Bedroom Count            |                  |                   |
+------------------------------+------------------+-------------------+
| b)  Number and Type of       | Term Sheet       | 24 CFR 941.606(d) |
|     Non-Public Housing Units |                  |                   |
|     w/ Bedroom Count         |                  |                   |
+------------------------------+------------------+-------------------+
| c)  Schematic Drawings       | Additional       | 24 CFR 941.606(d) |
|                              | Submissions      |                   |
+------------------------------+------------------+-------------------+
| d)  Building Designs         | Additional       | 24 CFR 941.606(d) |
|                              | Submissions      |                   |
+------------------------------+------------------+-------------------+
| e)  Outline Specifications   | Additional       | 24 CFR 941.606(d) |
|                              | Submissions      |                   |
+------------------------------+------------------+-------------------+
| f)  Plans for Non-Dwelling   | Additional       | 24 CFR 941.606(d) |
|     Space                    | Submissions      |                   |
+------------------------------+------------------+-------------------+
|                              |                  |                   |
+------------------------------+------------------+-------------------+
| 5.  *Site Information*       | Additional       | 24 CFR 941.606(e) |
|                              | Submissions      |                   |
+------------------------------+------------------+-------------------+
|                              |                  |                   |
+------------------------------+------------------+-------------------+
| 6.  *Market Study*           | Additional       | 24 CFR 941.606(f) |
|                              | Submissions      |                   |
+------------------------------+------------------+-------------------+
|                              |                  |                   |
+------------------------------+------------------+-------------------+
| 7.  *Development             | Additional       | 24 CFR 941.606(g) |
|     Construction Cost        | Submissions      |                   |
|     Estimate and Development |                  |                   |
|     Schedule*                |                  |                   |
+------------------------------+------------------+-------------------+
|                              |                  |                   |
+------------------------------+------------------+-------------------+
| 8.  *Adequate Facilities*    |                  |                   |
+------------------------------+------------------+-------------------+
| a)  Statement Addressing     | Additional       | 24 CFR 941.606(h) |
|     Adequacy of Existing     | Submissions      |                   |
|     Facilities and Services  |                  |                   |
+------------------------------+------------------+-------------------+
|                              |                  |                   |
+------------------------------+------------------+-------------------+
| 9.  *Relocation Plan (or     |                  |                   |
|     copy of HUD Approval     |                  |                   |
|     letter)* or Relocation   |                  |                   |
|     Plan Certification for   |                  |                   |
|     FY02 HOPE VI Grantees    |                  |                   |
+------------------------------+------------------+-------------------+
| a)  List of Those to be      | Additional       | 24 CFR 941.606(i) |
|     Displaced                | Submissions      |                   |
+------------------------------+------------------+-------------------+
| b)  Plan for Distribution of | Additional       | 24 CFR 941.606(i) |
|     Notices                  | Submissions      |                   |
+------------------------------+------------------+-------------------+
| c)  Sources and Uses of      | Additional       | 24 CFR 941.606(i) |
|     Relocation Benefits      | Submissions      |                   |
+------------------------------+------------------+-------------------+
|                              |                  |                   |
+------------------------------+------------------+-------------------+
| 10. *Operating Feasibility*  | Ten-Year         | 24 CFR 941.606(j) |
|                              | Operating Pro    |                   |
|                              | Forma            |                   |
+------------------------------+------------------+-------------------+
|                              |                  |                   |
+------------------------------+------------------+-------------------+
| 11. *Cost Comparison of New  | Additional       | 24 CFR 941.606(m) |
|     Construction*            | Submissions      |                   |
+------------------------------+------------------+-------------------+
|                              |                  |                   |
+------------------------------+------------------+-------------------+
| 12. *Certifications and      |                  |                   |
|     Assurances*              |                  |                   |
+------------------------------+------------------+-------------------+
| a)  PHA has Legal Authority  | Additional       | 24 CFR            |
|     to Develop Public        | Submissions      | 941.606(n)(1)(i)  |
|     Housing                  |                  |                   |
+------------------------------+------------------+-------------------+
| b)  Procurement Done in      | Additional       | 24 CFR            |
|     Open/Competitive Process | Submissions      | 941.606(n)(1)(ii) |
|     w/ No Conflict of        |                  |                   |
|     Interest                 |                  |                   |
+------------------------------+------------------+-------------------+
| c)  Contractors will Comply  | Additional       | 24 CFR            |
|     with Procurement and     | Submissions      | 941               |
|     Conflict of Interest     |                  | .606(n)(1)(ii)(A) |
|     Requirements             |                  |                   |
+------------------------------+------------------+-------------------+
| d)  Identity of Interest and | Additional       | 24 CFR            |
|     Public Request for Bids  | Submissions      | 941               |
|                              |                  | .606(n)(1)(ii)(B) |
+------------------------------+------------------+-------------------+
| e)  Public Housing Units     | Additional       | 24 CFR            |
|     will be Operated in      | Submissions      | 9                 |
|     Accordance with Public   |                  | 41.606(n)(1)(iii) |
|     Housing Requirements     |                  |                   |
+------------------------------+------------------+-------------------+
| f)  Public Housing Units     | Additional       | 24 CFR            |
|     will Remain Available    | Submissions      | 9                 |
|     for Use by Low-Income    |                  | 41.606(n)(1)(iii) |
|     Families                 |                  |                   |
+------------------------------+------------------+-------------------+