4 LIHTC ONLY, WITH AT LEAST 8 YEARS OF THE ORIGINAL 15-YEAR IRS COMPLIANCE PERIOD REMAINING (AKA NEW LIHTC)

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1 Affrdable Husing Data Guidance Fr All Multifamily Prperties with Incme r Rent Restrictins (nt just units in prperties meeting Fannie Mae s Multifamily Affrdable Husing (MAH) definitin Table f Cntents Page Affrdability Restrictins 2-3 GUIDANCE 4 LIHTC ONLY, WITH AT LEAST 8 YEARS OF THE ORIGINAL 15-YEAR IRS COMPLIANCE PERIOD REMAINING (AKA NEW LIHTC) 5 LIHTC ONLY, WITH LESS THAN 8 YEARS REMAINING IN THE ORIGINAL 15-YEAR IRS COMPLIANCE PERIOD 6 LIHTC TAX CREDITS HAVE BEEN TAKEN, ORIGINAL15-YEAR IRS COMPLIANCE PERIOD IS OVER, HOWEVER THE EXTENDED USE REMAIN 7 PROJECT BASED HAP/ INCLUDING SECTION 8 8 NEW LIHTC AND PROJECT BASED HAP/SECTION 8 9 NEW LIHTC AND ADDITIONAL TYPES OF 10 LIHTC WITH LESS THAN 8 YEARS REMAINING IN ORIGINAL 15-YEAR IRS COMPLIANCE PERIOD AND PROJECT BASED HAP/SECTION 8 11 PROJECT BASED HAP/SECTION 8 AND ADDITIONAL TYPES OF 12 NOT LIHTC OR PROJECT BASED HAP/SECTION 8 BUT THERE ARE OTHER THAT FALL WITHIN THE MAH DEFINITION 13 NOT MAH BUT SOME (DOES NOT MEET THE MAH DEFINITION) 2017 Fannie Mae. Trademarks f Fannie Mae f 13

2 Guidance A. Fannie Mae Multifamily Affrdable Husing (MAH) definitin: MAH Prperties are encumbered by a third party regulatry agreement r recrded restrictin (an Affrdable Regulatry Agreement ) that limit rents, impse maximum incme n tenants, r places ther affrdability n the use r ccupancy f the MAH Prperty that meet r exceed ne f the fllwing requirements. 50%": at least 20% f all units have rent r incme in place such that the rents charged fr thse units are affrdable t husehlds earning n mre than 50% f Area Median Incme ( AMI ) as adjusted fr family size; r 60%": at least 40% f all units have rent r incme in place such that the rents charged fr thse units are affrdable t husehlds earning n mre than 60% f AMI as adjusted fr family size; r Sectin 8 Husing Assistance Payment (HAP) Cntract: at least 20% f all units are subject t a prject-based HAP Cntract; r Special Public Purpse: the Prperty (i) has ther rent and/r incme, and (ii) meets a ntewrthy special public purpse. A guide waiver must be apprved fr Lenders t treat these prperties as MAH. These prperties shuld deliver the Affrdable Husing as Other. NOTE: DUS Gateway Pre-Review and/r Waiver Edits Screen the waiver will be entered as fllws: Categry = Guide (Other) Sub-Categry = Prperty B. When t select the Multifamily Husing Preservatin bx under Other Attributes n the Cmmitment Page f : Use the fllwing guidance fr Multifamily Affrdable Preservatin in the Guide (Part IIIB, Chapter 7, Sectin ) t decide whether t designate a transactin as Multifamily Husing Preservatin : Generally, any transactin invlving a Prperty with lw-incme qualifying n 20% r mre f its units that is being refinanced (nt including a Mrtgage that pays ff the initial cnstructin lan) qualifies as an Affrdable Preservatin Transactin. As nted in the Other Attributes sectin f the Cmmitment page, a transactin may have multiple Other Attributes. Thus, it is permissible t select, fr example, bth Multifamily Husing Preservatin and MAH Fannie Mae. Trademarks f Fannie Mae f 13

3 C. LIHTC Cmpliance Perids - Please nte that nearly all LIHTC transactins have tw cmpliance perids: The Internal Revenue Service (IRS) cmpliance perid is defined as: during which perid a failure t cmply with the affrdability results in the lss f sme f the tax credit benefits. ALL LIHTC transactins have a 15-year IRS cmpliance perid. It is this IRS cmpliance perid that is used t differentiate new LIHTC transactins frm ther LIHTC transactins in this guidance. In additin t the IRS cmpliance perid, each state tax credit allcating authrity mandates a perid during which the affrdability must remain in place. This state agency-required cmpliance perid is lnger than the IRS cmpliance perid. The state agency-required cmpliance perid is NOT used in the Fannie Mae affrdability data requirements. D. General delivery instructins fr and the Data Frm 4662: The ttal percent f all restricted units cannt exceed 100.0%, and the cmbinatin f AMI cannt exceed 100.0%. Sectin 8 Units: Sectin 8 vuchers are NOT t be included in any f the Affrdable Data fields; nly Sectin 8 units subject t a prjectbased HAP cntract shuld be reprted as restricted units. Nt MAH: Only prperties with incme and/r rent that d nt meet the Fannie Mae MAH definitin (page 2 A) shuld deliver the Affrdable Husing as Nt MAH. Please fllw the guidelines n page 13, therwise select a valid value including blank/null (fr prperties with n ) Fannie Mae. Trademarks f Fannie Mae f 13

4 Affrdable Husing (MAH) LIHTC ONLY, WITH AT LEAST 8 YEARS OF THE ORIGINAL15 YEAR IRS COMPLIANCE PERIOD REMAINING (AKA NEW LIHTC) Data Frm 4662 LIHTC Enter the percent f restricted Units At r Belw 60% AMI and At r Belw 50% AMI Nte: Ttal nt t exceed 100% Prperty Cllateral: Prperty Cllateral: LIHTC LIHTC a. Original Tax Credit ($) required b. Remaining Credit Perid fr Tax Credits (mnths) required c. Units with Incme r Rent Restrictins (%) --required Ttal percent f units with incme r rent d. Percentage f Units Set Aside fr Tenants with Husehld Incme At r Belw 80%, 60% and 50% f the Median Incme" required. Mark as applicable. Only acceptable chices are 9% r 4% f. Tax Exemptin r Abatement required Chices: yes r n g. Remaining Term f Tax Exemptin/Abatement (mnths) required if answer t Tax Exemptin r h. Sectin 8 Occupancy leave blank i. HAP Remaining Term (mnths) leave blank 2017 Fannie Mae. Trademarks f Fannie Mae f 13

5 Affrdable Husing (MAH) LIHTC ONLY, WITH LESS THAN 8 YEARS REMAINING IN THE ORIGINAL 15 YEAR IRS COMPLIANCE PERIOD Data Frm 4662 Other Enter the percent f restricted Units At r Belw 60% AMI and At r Belw 50% AMI Nte: Ttal nt t exceed 100% Prperty Cllateral: Prperty Cllateral: Other Other a. Original Tax Credit ($) leave blank b. Remaining Credit Perid fr Tax Credits (mnths) leave blank c. Units with Incme r Rent Restrictins (%) --required Ttal percent f units with incme r rent d. Percentage f Units Set Aside fr Tenants with Husehld Incme At r Belw 80%, 60% and 50% f the Median Incme" required. Mark as applicable. Only acceptable chice is Nne f. Tax Exemptin r Abatement required Chices: yes r n g. Remaining Term f Tax Exemptin/Abatement (mnths) required if answer t Tax Exemptin r h. Sectin 8 Occupancy leave blank i. HAP Remaining Term (mnths) leave blank 2017 Fannie Mae. Trademarks f Fannie Mae f 13

6 Affrdable Husing (MAH) LIHTC TAX CREDITS HAVE BEEN TAKEN, ORIGINAL15 YEAR IRS COMPLIANCE PERIOD IS OVER, HOWEVER THE EXTENDED USE REMAIN Data Frm 4662 Other Enter the percent f restricted Units At r Belw 60% AMI and At r Belw 50% AMI Nte: Ttal nt t exceed 100% Prperty Cllateral: Prperty Cllateral: Other Other a. Original Tax Credit ($) leave blank b. Remaining Credit Perid fr Tax Credits (mnths) leave blank c. Units with Incme r Rent Restrictins (%) required Ttal percent f units with incme r rent d. Percentage f Units Set Aside fr Tenants with Husehld Incme At r Belw 80%, 60% and 50% f the Median Incme" required. Mark as applicable. e. Tax Credit Percent required Only acceptable chice is Nne f. Tax Exemptin r Abatement required Chices: yes r n g. Remaining Term f Tax Exemptin/Abatement (mnths) required if answer t Tax Exemptin r h. Sectin 8 Occupancy leave blank i. HAP Remaining Term (mnths) leave blank 2017 Fannie Mae. Trademarks f Fannie Mae f 13

7 Affrdable Husing (MAH) PROJECT BASED HAP/ INCLUDING SECTION 8 SELECT THIS OPTION IF THE PERCENT OF RESTRICTED PROJECT BASED HAP/SECTION 8 UNITS MEETS THE MINIMUM 20% PER MAH DEFINITION (PG 2 A) Data Frm 4662 Prject Based HAP/Sectin 8 Enter the percent f restricted Units At r Belw 80% AMI (Lw t Mderate Incme) and At r Belw 50% AMI (Very Lw Incme) Nte: Ttal nt t exceed 100% Prj Based HAP (incl. Sec. 8) Prperty Cllateral: Prj Based HAP (incl. Sec. 8) Prperty Cllateral: a. Original Tax Credit ($) leave blank b. Remaining Credit Perid fr Tax Credits (mnths) leave blank c. Units with Incme r Rent Restrictins (%) --required Ttal percent f units with incme r rent d. Percentage f Units Set Aside fr Tenants with Husehld Incme At r Belw 80%, 60% and 50% f the Median Incme" required. Enter percent f units restricted t Lw t Mderate Incme in At r Belw 80% f Median Incme Enter percent f units restricted t Very Lw Incme in At r Belw 50% f Median Incme e. Tax Credit Percent required Only acceptable chice is Nne f. Tax Exemptin r Abatement required Chices: yes r n g. Remaining Term f Tax Exemptin/Abatement (mnths) required if answer t Tax Exemptin r h. Sectin 8 Occupancy percentage required Calculate the number f Sectin 8 units in the HAP cntract divided by the ttal number f units at the prperty (d nt exclude any dwn units); tenant based Sectin 8 vuchers are nt cunted i. HAP Remaining Term (mnths) required This field is applicable t Prject Based HAP 2017 Fannie Mae. Trademarks f Fannie Mae f 13

8 Affrdable Husing (MAH) NEW LIHTC AND PROJECT BASED HAP / SECTION 8 Data Frm 4662 Bth LIHTC & Prject Based HAP/Sec. 8 Enter the mre restrictive percent (lwest maximum AMI) f the LIHTC r HAP /Sectin 8. Bth LIHTC & Prj Based HAP Prperty Cllateral: Bth LIHTC & Prj Based HAP Prperty Cllateral: a. Original Tax Credit ($) required b. Remaining Credit Perid fr Tax Credits (mnths) required c. Units with Incme r Rent Restrictins (%) --required Ttal percent f units with incme r rent d. Percentage f Units Set Aside fr Tenants with Husehld Incme At r Belw 80%, 60% and 50% f the Median Incme" required. Mark as applicable. Example: If 100% f the HAP/Sectin 8 units are Lw t Mderate Incme (At r Belw 80% AMI) but the LIHTC cver 100% f the units At r Belw 60% AMI, then enter the LIHTC Nte: Ttal nt t exceed 100% Only acceptable chices are 9% r 4% f. Tax Exemptin r Abatement required Chices: yes r n g. Remaining Term f Tax Exemptin/Abatement (mnths) required if answer t Tax Exemptin r h. Sectin 8 Occupancy -percentage required Calculate the number f Sectin 8 units in the HAP cntract divided by the ttal number f units at the prperty (d nt exclude any dwn units); tenant-based Sectin 8 vuchers are nt cunted i. HAP Remaining Term (mnths) required This field is applicable t Prject Based HAP 2017 Fannie Mae. Trademarks f Fannie Mae f 13

9 Affrdable Husing (MAH) NEW LIHTC AND ADDITIONAL TYPES OF Data Frm 4662 LIHTC Enter the percent f restricted Units At r Belw 60% AMI and At r Belw 50% AMI Nte: Ttal nt t exceed 100% Nte: If there are multiple regulatry agreements, prvide the infrmatin assciated with the mre restrictive percent (lwest maximum AMI) f the agreements. Prperty Cllateral: Prperty Cllateral: LIHTC LIHTC a. Original Tax Credit ($) required b. Remaining Credit Perid fr Tax Credits (mnths) required c. Units with Incme r Rent Restrictins (%) --required Ttal percent f units with incme r rent d. Percentage f Units Set Aside fr Tenants with Husehld Incme At r Belw 80%, 60% and 50% f the Median Incme" required. Mark as applicable. Only acceptable chices are 9% r 4% f. Tax Exemptin r Abatement required Chices: yes r n g. Remaining Term f Tax Exemptin/Abatement (mnths) required if answer t Tax Exemptin r h. Sectin 8 Occupancy leave blank i. HAP Remaining Term (mnths) leave blank 2017 Fannie Mae. Trademarks f Fannie Mae f 13

10 Affrdable Husing (MAH) LIHTC WITH LESS THAN 8 YEARS REMAINING IN ORIGINAL15 YEAR IRS COMPLIANCE PERIOD AND PROJECT BASED HAP / SECTION 8 Data Frm 4662 Prject Based HAP/Sectin 8 Enter the mre restrictive percent (lwest maximum AMI) f the LIHTC r HAP/Sectin 8. Example: If 100% f the HAP/Sectin 8 units are Lw t Mderate Incme (At r Belw 80% AMI) but the LIHTC cver 100% f the units At r Belw 60% AMI, then enter the LIHTC Nte: Ttal nt t exceed 100% Prj Based HAP (incl. Sec. 8) Prperty Cllateral: Prj Based HAP (incl. Sec. 8) Prperty Cllateral: a. Original Tax Credit ($) leave blank b. Remaining Credit Perid fr Tax Credits (mnths) leave blank c. Units with Incme r Rent Restrictins (%) --required Ttal percent f units with incme r rent d. Percentage f Units Set Aside fr Tenants with Husehld Incme At r Belw 80%, 60% and 50% f the Median Incme" required. Mark as applicable. Only acceptable chice is Nne f. Tax Exemptin r Abatement required Chices: yes r n g. Remaining Term f Tax Exemptin/Abatement (mnths) required if answer t Tax Exemptin r h. Sectin 8 Occupancy percentage required Calculate the number f Sectin 8 units in the HAP cntract divided by the ttal number f units at the prperty (d nt exclude any dwn units); tenant-based Sectin 8 vuchers are nt cunted i. HAP Remaining Term (mnths) required This field is applicable t Prject Based HAP 2017 Fannie Mae. Trademarks f Fannie Mae f 13

11 Affrdable Husing (MAH) PROJECT BASED HAP / SECTION 8 AND ADDITIONAL TYPES OF Data Frm 4662 Prject Based HAP/Sectin 8 Enter the mre restrictive percent (lwest maximum AMI f the Prject Based HAP/Sectin 8 r Other. Prj Based HAP (incl. Sec. 8) Prperty Cllateral: Prj Based HAP (incl. Sec. 8) Prperty Cllateral: a. Original Tax Credit ($) leave blank b. Remaining Credit Perid fr Tax Credits (mnths) leave blank c. Units with Incme r Rent Restrictins (%) --required Ttal percent f units with incme r rent d. Percentage f Units Set Aside fr Tenants with Husehld Incme At r Belw 80%, 60% and 50% f the Median Incme" required. Mark as applicable. e. Tax Credit Percent required Only acceptable chice is Nne Nte: Ttal nt t exceed 100% f. Tax Exemptin r Abatement required Chices: yes r n g. Remaining Term f Tax Exemptin/Abatement (mnths) required if answer t Tax Exemptin r h. Sectin 8 Occupancy percentage required Calculate the number f Sectin 8 units in the HAP cntract divided by the ttal number f units at the prperty (d nt exclude any dwn units); tenant based Sectin 8 vuchers are nt cunted i. HAP Remaining Term (mnths) required This field is applicable t Prject Based HAP 2017 Fannie Mae. Trademarks f Fannie Mae f 13

12 Affrdable Husing (MAH) NOT LIHTC OR PROJECT BASED HAP/ SECTION 8 HOWEVER THERE ARE OTHER THAT FALL WITHIN THE MAH DEFINITION PER GUIDANCE ON PAGE 2. (INCLUSIVE OF GUIDE WAIVER FOR SPECIAL PUBLIC PURPOSE) Data Frm 4662 Other If relevant due t the ther and multiple agreements, enter the mre restrictive percent f the Units At r Belw 80%, 60%, and/r 50% AMI. Nte: Ttal nt t exceed 100% Other Please nte that nt directly assciated with affrdability requirements (e.g., Land Use, Earthquake ) must als be disclsed. Prperty Cllateral: Other Prperty Cllateral: a. Original Tax Credit ($) leave blank b. Remaining Credit Perid fr Tax Credits (mnths) leave blank c. Units with Incme r Rent Restrictins (%) --required Ttal percent f units with incme r rent d. Percentage f Units Set Aside fr Tenants with Husehld Incme At r Belw 80%, 60% and 50% f the Median Incme" required. Mark as applicable. Only acceptable chice is Nne f. Tax Exemptin r Abatement required Chices: yes r n g. Remaining Term f Tax Exemptin/Abatement (mnths) required if answer t Tax Exemptin r h. Sectin 8 Occupancy leave blank. (If there is a HAP cntract, mark the percent f Sectin 8 Occupancy.) i. HAP Remaining Term (mnths) leave blank unless Prject Based HAP Sectin 8 Occupancy applies 2017 Fannie Mae. Trademarks f Fannie Mae f 13

13 Nt Multifamily Affrdable Husing (MAH) NOT MAH BUT SOME (DOES NOT MEET THE MAH DEFINITION) HAP Cntracts may fall int this categry if less than 20% f units are subject t a Prject Based HAP/Sectin 8 Cntract and the prperty desn t meet any ther part f the MAH definitin. Data Frm 4662 Nt MAH Enter the percent f Units At r Belw 80%, 60%, and/r 50% AMI Nte: Ttal nt t exceed 100% Leave Blank Please nte that nt directly assciated with affrdability requirements (e.g., Land Use, Earthquake ) must als be disclsed. Prperty Cllateral: Nt MAH Prperty Cllateral: a. Original Tax Credit ($) leave blank b. Remaining Credit Perid fr Tax Credits (mnths) leave blank c. Units with Incme r Rent Restrictins (%) --required Ttal percent f units with incme r rent d. Percentage f Units Set Aside fr Tenants with Husehld Incme At r Belw 80%, 60% and 50% f the Median Incme" required. Mark as applicable. Only acceptable chice is Nne f. Tax Exemptin r Abatement required Chices: yes r n g. Remaining Term f Tax Exemptin/Abatement (mnths) required if answer t Tax Exemptin r h. Sectin 8 Occupancy leave blank. (If there is a HAP cntract, mark the percent f Sectin 8 Occupancy.) i. HAP Remaining Term (mnths) leave blank unless Prject Based HAP Sectin 8 Occupancy applies 2017 Fannie Mae. Trademarks f Fannie Mae f 13