MFA 2017 Qualified Allocation Plan and Application Workshop

MFA 2017 Qualified Allocation Plan and Application Workshop December 8, 2016 12/8/2016 New Mexico Mortgage Finance Authority 1

Presentation Overview • Tax Credit Program Overview Page 3 • 2017 Qualified Allocation Plan Review 18 • Application Process 53 • What Makes a Successful Application 66 12/8/2016 New Mexico Mortgage Finance Authority 2

TAX CREDIT PROGRAM OVERVIEW 12/8/2016 New Mexico Mortgage Finance Authority 3

Housing Priorities • Increase the supply of decent, affordable rental housing; • Expand housing opportunities and access for individuals with special needs; • Expand the supply of housing and services to assist the homeless; and • Preserve the State’s existing affordable housing stock. 12/8/2016 New Mexico Mortgage Finance Authority 4

Background • LIHTC Program created by Tax Reform Act of 1986 as an incentive for individuals/ corporations to invest in the construction or rehabilitation of low income housing. • The Tax Credit provides a dollar-for-dollar reduction in personal or corporate federal income tax liability for a 10 year period. 12/8/2016 New Mexico Mortgage Finance Authority 5

Internal Revenue Code § 42 • IRC § 42 sets forth the requirements and process for the Tax Credit program. • § 42(m) states the housing credit agency must make Tax Credit allocations pursuant to a Qualified Allocation Plan, which: § Sets forth project selection criteria; § Gives preference to those serving lowest income tenants for the longest period of time; § Provides a procedure for monitoring compliance. 12/8/2016 New Mexico Mortgage Finance Authority 6

Background, Continued • Credit Ceiling: $2. 35 per capita allocation + any returned or unused credits + any National Pool credits – forward allocations • MFA allocated $4. 738 mm in 2016 • MFA will allocate approx. $5 mm in 2017 • Tax Credits are the deepest Federal Subsidy that funds up to 70% of total development cost 12/8/2016 New Mexico Mortgage Finance Authority 7

Affordable Use § Minimum set aside: • 20% of units for tenants earning no more than 50% of median income (20/50 election) - Requires that all restricted units be at 50% AMI or below to be eligible for credits OR • 40% of units for tenants earning no more than 60% of median income (40/60 election) • This election is irrevocable. § Use restriction for 30 years required (income and rent limits) 12/8/2016 New Mexico Mortgage Finance Authority 8

Applicable Fraction • The percentage of the Project that is dedicated to Low Income use • Employee units excluded from calculation Applicable Fraction Calculation: Lesser of Percentage of Low-Income Floor Space and Percentage of Low-Income Units Floor Space Fraction Total Residential Rental Floor Space Low-Income Units Floor Space Unit Fraction 79, 200 Percent Low-Income 83. 33% 66, 000 Total Units Low-Income Units Percent Low. Income 72 58 80. 56% Applicable Fraction: 80. 56% 12/8/2016 New Mexico Mortgage Finance Authority 9

Eligible Basis • The sum of the eligible cost elements that are subject to depreciation. • 70% Eligible Basis (9% Tax Credits) for new construction or rehabilitation costs. • 30% Eligible Basis (4% Tax Credits) for acquisition costs and projects with federal subsidy. • Exclusions- federal grants, land acquisition cost, commercial, etc. • “Basis Boost” – Increases Eligible Basis up to 30% if project is in a HUD Defined QCT, DDA or SADDA. 12/8/2016 New Mexico Mortgage Finance Authority 10

Basis Boost • Basis Boost – Up to 30% increase to Eligible Basis for new construction and rehabilitation costs only (acquisition costs not eligible). • For Projects in HUD designated QCT, DDA or SADDA (30%). • MFA designation of need for Financial Feasibility (up to 30%) and: 1. Not Financed with Tax Exempt Bonds; and 2. Serve a target population. 12/8/2016 New Mexico Mortgage Finance Authority 11

Applicable Percentage • The amount of the low-income housing credit for any taxable year in the credit period shall be an amount equal to: (1) the applicable percentage of (2) the qualified basis of each qualified low-income building. IRC § 42(a). • Determination of Applicable Percentage: Percentages which will yield over a ten-year period amounts of credit which have a present value equal to: 1. 70% of the Qualified basis of non-federally subsidized new construction and rehab costs (9% fixed); and 2. 30% of the Qualified basis of acquisition costs and/or projects that are federally subsidized. • Applicant may elect to lock Applicable (Tax Credit) Percentage at either Carryover or at PIS. 12/8/2016 New Mexico Mortgage Finance Authority 12

Tax Credit Calculation Eligible Basis x Basis Boost (if applicable) $2, 250, 000 130% $2, 925, 000 x Applicable Fraction = Qualified Basis 80. 56% $2, 356, 380 Qualified Basis $2, 356, 380 x Applicable (Tax Credit) % __9% = Annual Tax Credit $ $212, 074 12/8/2016 New Mexico Mortgage Finance Authority 13

Equity Calculation 12/8/2016 Annual Tax Credit x Years of Credit = Total Credit Amount $ 212, 074 x 10 $2, 120, 742 x Price per Credit Dollar = Equity to Project x $ 0. 96 $2, 035, 912 New Mexico Mortgage Finance Authority 14

Partnership Structure XYZ PROJECT GENERAL PARTNERSHIP General Partner. 01% 12/8/2016 Limited Partner Investor 99. 99% New Mexico Mortgage Finance Authority 15

Partnership Structure • General partner has 0. 01% ownership, provides guarantees and operates the project • General partner retains 0. 01% of the tax credits, income and losses • Limited partner has 99. 99% ownership • Limited partner receives 99. 99% of the tax credits, income and losses • Investor equity reduces the need for other financing which reduces debt service, and enables rents to be affordable 12/8/2016 New Mexico Mortgage Finance Authority 16

Tax Credit Timeline • Apply for credits • Apply for 8609’s • Receive a tax credit reservation • Record land use restriction agreement • Receive carryover allocation, indicate lock-in election • Project Lease-up: Qualify Tenants • Incur 10% of estimated project basis and start construction by August 31 of the following year • Complete project and place in service within two years of carryover 12/8/2016 • Begin claiming credits: PIS year or following year • Keep tax credit units in compliance ** See 2016 -2017 LIHTC Calendar on website New Mexico Mortgage Finance Authority 17

2017 Qualified Allocation Plan Review 12/8/2016 New Mexico Mortgage Finance Authority 18

Qualified Allocation Plan What is it? § The QAP is the State of NM’s plan for allocating its tax credits § It is prepared annually, consistent with IRC § 42(m). Approval Process – Pending Approval by Governor Where is it? http: //www. housingnm. org/low-income-housingtax-credits-lihtc-allocations 12/8/2016 New Mexico Mortgage Finance Authority 19

Threshold Review All Applications must meet each of the following and include all required materials: • Site Control • Zoning • Minimum Project Score • Applicant Eligibility • Financial Feasibility • Fees 12/8/2016 New Mexico Mortgage Finance Authority 20

Site Control • Fully executed purchase contract or option • Written governmental commitment to transfer property by deed or lease • Recorded deed or long term lease. 12/8/2016 21 New Mexico Mortgage Finance Authority

Site Control, Continued Transfer Commitment must: • Provide an initial term lasting until at least July 31, 2017; • Be binding on seller through initial term; and • Have names, legal description, and acquisition cost that match application. **Initial term must not be conditioned upon any extensions requiring seller consent, additional payments or financing approval. 12/8/2016 New Mexico Mortgage Finance Authority 22

Zoning • Evidence that multifamily housing is not prohibited by the existing zoning and dated < 6 months before application deadline. • No pending litigation or unexpired appeal process relating to zoning for project. • Only exemption, a site that is not zoned or which is zoned agricultural. 12/8/2016 New Mexico Mortgage Finance Authority 23

Fees • All fees owed to MFA for all Tax Credit Projects in which Principal(s) participate must be current. • 2017 Fees remain unchanged: Application Fee $500 or $1, 000 Deposit of $8, 500 Processing Fee** of 7. 5% (9% Award) or 3. 5% (4% Award) **Applicable if a reservation is received 12/8/2016 New Mexico Mortgage Finance Authority 24

Applicant Eligibility All members of the development team of the proposed Project must be in good standing with MFA and all other state and federal affordable housing agencies. 12/8/2016 New Mexico Mortgage Finance Authority 25

Financial Feasibility • Applications must demonstrate, in MFA’s reasonable judgment, the Project’s financial feasibility. • QAP Section IV. C. 2, Section IV. D, and Section IV. E. summarize MFA’s financial feasibility considerations. • Additional Underwriting Details in the Initial Application Underwriting Supplement. 12/8/2016 New Mexico Mortgage Finance Authority 26

Per Unit Costs Limits § Based on average per unit costs of new construction and adaptive re-use projects submitted in the round. § Purchase price attributed to land, costs related to commercial space, and reserves will be excluded. § In 2016 the average was $186, 332 and in 2015 it was $191, 211. § Per project maximum Tax Credit award is $1, 150, 000 and any entity (including affiliates) may not receive more than 2 awards. 12/8/2016 New Mexico Mortgage Finance Authority 27

Minimum Project Score • Two Scoring Tracks: 115 points for Rehab, 100 points for New Construction; 80 points for bond projects; • Partial points will not be awarded; • Applicant self-scores application; MFA scores application; • Scoring criteria and information needed to obtain points in QAP and checklist; • Deficiency Correction used only to correct incomplete application or meet threshold – not scoring or Allocation Set Aside requirements. 12/8/2016 New Mexico Mortgage Finance Authority 28

Scoring Criteria Criterion 1: Nonprofit, New Mexico Housing Authority , or Tribally Designated Housing Entity (0 -10 points) § Requirements in application and checklist must be § § § provided for points Requirement for points different than requirements for set-aside Net worth/net assets must be substantiated by reviewed or audited financial statements Document fee split agreement among parties Entity required to attend training within 6 months prior to application Indicate on checklist if submitting as a qualified nonprofit, NMHA, or TDHE 12/8/2016 New Mexico Mortgage Finance Authority 29

Scoring Criteria Continued [2016] Criterion 2: Projects that Benefit the Environment (0 -18 points) Deleted, but see 2017 Design Standards for HERS and other requirements Criterion 2: Locational Efficiency (0 -4 points) Projects located in proximity and connected to: 1) services 2) public transportation 12/8/2016 New Mexico Mortgage Finance Authority 30

Scoring Criteria Continued Criterion 3: Rehabilitation Projects (up to 15 points) § Twenty (20) year requirement; limited exception § Scaled scoring- 10 points + up to 5 additional points § Scope of work required at Application 12/8/2016 New Mexico Mortgage Finance Authority 31

Scoring Criteria Continued Criterion 4: Sustaining Affordability (0 -15 points) § Use restrictions are to expire on or before December 31, 2021, or § Federal Rental Assistance Contract covering at least 75% of all Units § 5 points for Projects that have/will have a federal rental assistance contract covering at least 20 percent of all Units [Minimum # of units deleted] 12/8/2016 New Mexico Mortgage Finance Authority 32

Scoring Criteria Continued Criterion 5: Average Gross Median Income (AGMI) (0 -40 points) § Calculate a weighted average based on the § § number of units set aside at each income level Market rate units treated as if they were set aside at 100% Round to nearest whole number Three tiers Points differ for counties with AMI less than or equal to $53, 300 12/8/2016 New Mexico Mortgage Finance Authority 33

AGMI Calculation % of Total Set Aside Income Units 7% 21% 55% 17% Level X X 30% 50% 60% 100% Weighted Av (before rounding) = = (Final) 2. 1% 10. 5% 33% 17% Total AGMI: AGMI for Scoring 62. 6% 12/8/2016 Weighted Av New Mexico Mortgage Finance Authority 63% 34

Scoring Criteria Continued Criterion 6: Average Gross Median Rent (AGMR) (0 -30 points) § Weighted Average based on the number of units § § 12/8/2016 set aside at each rent level A project can restrict rents at a lower level than the targeted income level for any given units Market rate units treated as if they were set aside at 100% Round to nearest whole number Three tiers New Mexico Mortgage Finance Authority 35

AGMR Calculation % of Total Set Aside Income Weighted Av Level (before rounding) (Final) Units 7% X 30% = 2. 1% 62% X 50% = 31% 14% X 60% = 17% X 100% = Total AGMR: AGMR for Scoring 12/8/2016 New Mexico Mortgage Finance Authority 8. 4% 17% 58. 5% 59% 36

Scoring Criteria Continued Criterion 7: Market rate units (10 points) § Minimum 15% of the total Units. § Maximum points for AGMI, AGMR and market rate units combined is 65. Criterion 8: Extended Use Period (0 -5 points) § Maximum points for 35 year Extended Use Period. 12/8/2016 New Mexico Mortgage Finance Authority 37

Scoring Criteria Continued Criterion 9 Special Needs (0 -15 points) § 20% of the total units reserved and 50% of reserved units rent restricted at 30% AMI or 30% of tenant income for 15 points. § 5% of units reserved and rent restricted at 30% AMI for 5 points (only available for Projects Financed with Tax Exempt Bonds). § Signed commitment to set aside units and execute agreement with Local Lead Agency or marketing & service plan. § Section 811 Project Rental Assistance may be available. See MFA website for more info. 12/8/2016 New Mexico Mortgage Finance Authority 38

Scoring Criteria Continued Criteria 10 & 11: Senior Housing, Individuals with Children (0 -15 points) § 100% of total units reserved for Senior Housing. § 25% of the total units reserved for Individuals with § § Children. Points range from 7 to 15 based on services provided; list modified for 2017. Design requirements – mandatory for points. On-site service coordinator – required for service points. The proposed Project annual operating budget must include at least $2, 500 for the provision of social services. 12/8/2016 New Mexico Mortgage Finance Authority 39

Scoring Criteria Continued • Individuals with Children – Unit Mix Calculations Total Units with 3/3+ bdrms and 1. 75 bathrooms Units with 2 bdrms and 1. 75 bathrooms 3 bedroom percentage of total Units 2 bedroom percentage of total Units 68 10 50 14. 7% 73. 5% *See Scoring Criterion for unit requirements 12/8/2016 New Mexico Mortgage Finance Authority 40

Scoring Criteria Continued Criterion 12: Contribution from state, local or tribal government entity (0 -10 points) § Cash flow loans eligible contributions but cannot have hard payments. § The value of the contribution must be listed as a source on Schedule A-1 and, when not a cash contribution, the corresponding cost must be listed as a cost on Schedule A. § Expanded to include federal funds, 3 rd party contributions and permit fee waivers. § Does not include off-site improvements and tax abatements. 12/8/2016 New Mexico Mortgage Finance Authority 41

Scoring Criteria Continued Criterion 13: Complete Application (5 points) Applications that do not require any deficiency corrections. See Section IV. A. 4 in the QAP: • One omnibus signature page- blue ink signed by all General Partners • Don’t forget the CD, DVD or flash drive and doc’s scanned in color • Brown Classification Folder • All Attachments, Current MFA forms • Do not rely solely on Application Checklist 12/8/2016 New Mexico Mortgage Finance Authority 42

Scoring Criteria Continued Criterion 14: Commitment to market units to public housing authority waiting lists (2 points) Criterion 15: QCT/Concerted Community Revitalization Plan (0 -5 points) § Projects that contribute to a Concerted Community Revitalization Plan or are located within ½ mile of a New Mexico designated Main Street are eligible for 3 points. § If the Project meets one of the above criteria and is located in a QCT, it is eligible for 5 points. 12/8/2016 New Mexico Mortgage Finance Authority 43

Scoring Criteria Continued Criterion 16: Projects with Units Intended for Eventual Tenant Ownership (5 points) § Cannot be combined with Extended Use Period Points [2016] Criterion 18: Financial Literacy Programs (2 points)- Deleted – moved to services Criterion 17: Historic Significance (5 points) Criterion 18: Blighted Buildings or Reuse of Brownfield Site (5 points) 12/8/2016 New Mexico Mortgage Finance Authority 44

Scoring Criteria Continued Criterion 19: Projects Located in Areas of Statistically Demonstrated Need (0 -10 points) • Tier 1 Areas (10 points) § Bernalillo, Chaves*, Cibola*, Curry*, Eddy, Lea*, Mc. Kinley, Otero, Sandoval, Santa Fe and Taos*. All Projects on Native American Trust Lands or Native American-owned lands within the tribe’s jurisdictional boundaries. • Tier 2 Areas (5 points) § Colfax, Dona Ana, Grant, Lincoln, Los Alamos, Luna, Rio Arriba*, Roosevelt, San Juan*, San Miguel, Socorro, Torrance and Valencia. 12/8/2016 New Mexico Mortgage Finance Authority 45

Scoring Criteria Continued Criterion 20: Efficient Use of Credits (0 -20 points) § Points increased to 10, 15 or 20. § Scoring criterion now includes Projects that involve Substantial Rehabilitation or Moderate Rehabilitation. § Scoring criterion now includes Adaptive Reuse which is scored as if it were new construction. § Scoring thresholds and related points vary depending on type of project (see next slide). 12/8/2016 New Mexico Mortgage Finance Authority 46

Scoring Criteria Continued 12/8/2016 New Mexico Mortgage Finance Authority 47

Scoring Criteria Continued Criterion 21: Non-Smoking Properties (4 points) § Projects which will be non-smoking properties and participate in the American Lung Association in New Mexico Smoke Free @ Home program are eligible for 4 points. Criterion 22: Adaptive Reuse Projects (5 points) § In combined new construction and Adaptive Reuse Projects, converted space must account for at least 20 percent of the sum of each Building’s Gross Square Feet. 12/8/2016 New Mexico Mortgage Finance Authority 48

Additional 2017 QAP Changes § Equalization of project types: two scoring tracks/categories: New Construction (includes adaptive reuse) or Rehabilitation. § 2017 Mandatory Design Standards- updatedsee website. § Submission Date: Feb 1 to Feb 15, 2017. § Builder Profit reduced where identity of interest exists. § Allocation set-asides- USDA rehab deleted. § Project narrative expanded to up to 3 pages. 12/8/2016 New Mexico Mortgage Finance Authority 49

Other Areas Covered in QAP • Quiet Period- Section IV. A. 5. • Affirmative Actions after Reservation- Section IV. G. • Termination of Reservations- Section IV. H. • Changes to the Project- Section IV. I. • Tax Credit Monitoring & Compliance- Section X. 12/8/2016 New Mexico Mortgage Finance Authority 50

Dates to Remember… 2017 Tax Credit Round: • Applications due February 15, 2017 • Awards: June, 2017 • Carryover Application: November 15, 2017 • Final plan submittal: June 30, 2018 • 10% Test + Evidence of Construction Start: Aug. 31, 2018 • Placed in Service or Final Allocation App: Nov. 15, 2019 2018 Tax Credit Round: • 2018 QAP Public Comment Period: Sept. /Oct. 2017 **See LIHTC calendar for additional dates 12/8/2016 New Mexico Mortgage Finance Authority 51

Questions? BREAK! 12/8/2016 New Mexico Mortgage Finance Authority 52

APPLICATION PROCESS 12/8/2016 New Mexico Mortgage Finance Authority 53

Application Review • Universal Application § HOME § Risk Share § Other • Indicate § Extended Use Period § Set-Aside Option § Complete all areas of Application 12/8/2016 New Mexico Mortgage Finance Authority 54

Application Review Continued • Utility Allowance § Rent calculation – Schedule B § Attach current documentation § Must be approved allowance • Contact Information – update MFA if this changes after application • Ownership Information § To-be-formed partnerships § Non Profit participants 12/8/2016 New Mexico Mortgage Finance Authority 55

Application Review Continued • Development Team § Identity of interest § Developer fee amount § Attach resumes • Identification of Local Official 12/8/2016 New Mexico Mortgage Finance Authority 56

Schedules • Schedule A – Development Cost Budget § Calculations • Construction Contingency • Builder Fees • Developer Fee • Operating Reserve § Rehabilitation and Adaptive Reuse that also includes New Construction Projects must provide separate Schedule A’s for Rehabilitation or Adaptive Reuse component, for New Construction component, and total project 12/8/2016 New Mexico Mortgage Finance Authority 57

Construction Contingency New Construction $ 6, 388, 500 5% $ 319, 425 $ 350, 000 $ (30, 575) Construction Costs before GRT, GR, Overhead & Profit Minimum Owner Contingency Percentage Minimum Owner Contingency Dollar Application Contingency (Excess)/under minimum • Contingency included in construction contract will be included as a hard construction cost and will not count toward required Owner Construction Contingency. 12/8/2016 New Mexico Mortgage Finance Authority 58

Builder’s Profit, Overhead, General Requirements $ 6, 388, 500 6% $ 383, 310 $ 0 Construction Costs before GRT, GR, Overhead & Profit Allowed percentage for Profit Maximum for Profit (if no identity of interest) Application Profit (Excess)/under used Same formula as above for General Requirements $ 6, 388, 500 2% $ 127, 770 $ 0 12/8/2016 Construction Costs before GRT, GR, Overhead & Profit Allowed percentage for Overhead Maximum for Overhead Application Overhead (Excess)/under used New Mexico Mortgage Finance Authority 59

Developer Fee Calculation Developer fees may not exceed: • Projects with 30 or fewer Units - $22, 500 per Low Income Unit • Projects with 31 -60 Units - $21, 000 per Low Income Unit • Projects with 61 -100 Units - $19, 500 per Low Income Unit not to exceed $1. 5 million • Projects with more than 100 Units $15, 000 per Low Income Unit not to exceed $1. 8 million. § Additionally, in no case can the developer’s fee exceed 14% of Total Development Costs 12/8/2016 New Mexico Mortgage Finance Authority 60

Developer Fee Calculation Project with 72 Total Units, 60 Low Income Units #1 $21, 000 per Low Income Unit 60 Low Income Units $1, 260, 000 Potential Developer Fee #2 $6, 388, 500 Total Development Costs __ x 14% Maximum Fee Percentage $894, 390 Maximum Developer Fee 12/8/2016 New Mexico Mortgage Finance Authority 61

Reserves & Expenses § Operating Expenses = Project operating expenses (excluding reserves and resident social services expenses); $3, 300 to $4, 800/unit; § Replacement Reserve = $250/unit/year for Senior housing (new construction only) and $300/unit/year for all other project types; § Operating Reserve = minimum of six months operating expenses (including replacement reserves, social services expenses and all must pay debt service. 12/8/2016 New Mexico Mortgage Finance Authority 62

Schedules Continued • Schedule A-1 – Sources of Funds § Construction and Permanent § Deferred Fee § Sources = Uses • Schedule B – Unit Type & Rent Summary § Distribution of units proportionately § Set-aside rents cannot exceed tax credit limits § Indicate unit net square feet 12/8/2016 New Mexico Mortgage Finance Authority 63

Schedules Continued • Schedule C – Operating Expense Budget § Minimum 7% vacancy § Maximum 6% management fee (calculated on gross income) § Replacement Reserves – we will underwrite to at least MFA minimums • Cash Flow Projection § Income, expense, and reserve escalators at minimum stated in underwriting supplement • Schedule D – Contractor Cost Breakdown § Tie to Schedule A 12/8/2016 New Mexico Mortgage Finance Authority 64

Schedules Continued • Schedule G- Affordable Unit Set Aside Election- irrevocable • Schedule H – Applicant’s Previous Participation § One Schedule H for each General Partner and Developer § Compliance Affidavit from each General Partner and Developer Principal 12/8/2016 New Mexico Mortgage Finance Authority 65

What makes a successful application? 12/8/2016 New Mexico Mortgage Finance Authority 66

2016 Tax Credit Round Of the 17 Applications submitted: • $14, 320, 678 in credits were requested § Ratio of requests to credit ceiling was 3. 42: 1 § This ratio increased from 3. 27: 1 in 2015 • Average TDC per unit for new construction was $186, 332 § Down from $191, 211 in 2015 and $196, 681 in 2014 § Range of $170, 106 to $243, 623/unit § Range in 2015 was $151, 036 to $247, 254/unit • 12/8/2016 Average Project size increased to 65 units from 56 units in 2015 New Mexico Mortgage Finance Authority 67

2016 & 2015 Tax Credit Round Results Ø Five awards in 2016, seven in 2015 • All Projects awarded have a sponsor or co-sponsor that is a non-profit, governmental or tribal entity. • All projects committed to LEED Silver, Enterprise Green Communities Criteria, or Build Green NM. • Twelve of the seventeen Projects scored points for acquisition/rehabilitation or Adaptive Reuse. • Three of the seventeen Projects are mixed income projects. 12/8/2016 New Mexico Mortgage Finance Authority 68

2016 & 2015 Tax Credit Round Results, Continued Ø Five awards in 2016, seven in 2015 • All of the Projects are providing services to targeted populations: elderly, special needs, or households with children. • All of the Projects are in MFA’s Areas of Statistically Demonstrated Need. • Sizes range from 30 to 116 units. • Award amounts range from $767, 638 to $1, 150, 000. 12/8/2016 New Mexico Mortgage Finance Authority 69

The Most Successful Application. . . Is for the project that you can deliver and successfully operate for the entire extended use period! 12/8/2016 New Mexico Mortgage Finance Authority 70

Questions? 12/8/2016 New Mexico Mortgage Finance Authority 71

For more information: Visit MFA’s website at: www. housingnm. org/developers Contact: Susan H. Biernacki, J. D. Housing Tax Credit Program Manager (505) 767 -2273 sbiernacki@housingnm. org 12/8/2016 New Mexico Mortgage Finance Authority 72